By Tanko Mohammed
The UN Economic Commission for Africa (UNECA) has launched a continental tool that views price variations in African countries, regional economic communities and at the continental level.
In a statement issued by the Communications Section of UNECA on Thursday, the launch of the Price Watch Centre for Africa was held virtually on Tuesday.
The initiative came at a time when governments were keen to understand the impact of COVID-19 on citizens’ capacity to purchase necessities as countries faced lockdown measures.
It intended to bring the prices and exchange rates of all African countries into one platform that would be readily accessible to citizens, decision makers and other stakeholders.
The platform would involve monthly, quarterly and annual analyses of inflation.
During the launch, ECA Executive Secretary, Vera Songwe, noted that the role of national statistics offices and national revenue authorities would be crucial in ensuring that the platform had timely, accurate and up-to-date data.
Songwe said: “the lack of price data to enable us monitor, analyse and manage economies through informed policy decisions has often led to civil unrests.”
She added that “people take to the streets” when prices of essential commodities like food, oil, and energy went up.
The launch was also chaired by Ghana’s Vice President, Mahamudu Bawumia, who lauded ECA for the initiative and said it was a “one-stop-shop for finding data.”
Bawumia added that it would go a long way to “increase ECA’s relevance in Africa.”
“We need data on price movements to gauge how changes in consumer prices alone may be affecting the trends in income distribution, poverty levels and inequalities, especially among those who live on retirement incomes.”
The Vice President said: “as we open the doors to continental free trade, price level data will enable across-country comparisons and understanding of regional markets and the competitiveness of producers across Africa.”
He urged African governments to invest in ICT infrastructure and digital data collection tools.
He also called on heads of national statistics offices to “work with the ECA in transforming our continental statistical systems.”
Furthermore, Mr Alamine Ousmane Mey, Cameroon’s Minister of Economy, Planning and Regional Development said: “We need to strengthen the relationships between national information and statistics institutions and the ECA.”
Mey added that “without data and without information, we cannot evaluate and monitor public policy.”
“We are talking about compiling data, which means integrating Africa. I see a bright future for this initiative,” Mey said.
Also, Mr Tito Mboweni, South Africa’s Minister of Finance, highlighted the fact that “data helps political leadership understand the difference between what they may wish to have and what the reality on ground is.”
Mboweni said that “as we move toward actualising the African Continental Free Trade Area, we need timely and reliable data on prices and movements of goods and services to enable us know if we’re having macroeconomic convergence or divergence.”
The virtual launch was also attended by other ministers of finance and economic development and representatives of national statistics offices from across Africa.
