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The International Monetary Fund (IMF) has cut its growth forecast for sub-Saharan Africa to 3.2% in 2019, down from 3.5% in April. The revision is partly due to growing global uncertainty, with the threat of rising trade tensions and a slowdown in China and the euro area contributing to ‘considerable downside risks’ to the region’s growth.

Combined with elevated debt vulnerabilities and stretched public finances across Africa, structural reform to drive investment and competitiveness will be ‘key’ to boosting growth and job creation, while increasing much-needed domestic revenue mobilisation.

“Failure to do so could place at risk gains made in macroeconomic stability and see development progress stall,” the IMF warns.

This sentiment was recently underlined by the World Bank, which warns that ‘drastic actions’ are needed to accelerate reform and poverty reduction.

It’s an uphill battle.

Despite average growth of around 5% and a generally conducive global economic environment for much of the last decade, African governments have largely failed to meaningfully implement structural economic reform.

Even if they wanted to, a narrowing fiscal space – which is limiting policy space for development spending, while leaving little room for policies to counter external headwinds – the odds of a sudden change in fortunes are slim.

Global uncertainty is making the already difficult task of meaningful economic reform even harder.

This report reflects the views of the author alone, not those of How we made it in Africa.

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Today’s picks

From the continent

Mozambique’s opposition Renamo party on Saturday called for the cancellation of elections held last Tuesday, accusing the ruling Frelimo party of breaching a recent peace deal by using violence and intimidation. The vote, for which results are yet to be published, is seen as an important test for democracy in the country, amid an investment boom into untapped natural gas reserves. More: Al Jazeera

Four soldiers and a police officer have been killed in a suspected Islamist militant attack in northern Burkina Faso. The incident is the latest example of escalating militancy in the restive Sahel region, amid stalling efforts to boost security and development. More: Reuters

The global perspective

Toronto-based Barrick Gold Corp has agreed to pay $300 million to settle a long-running tax dispute between mining group Acacia, which Barrick last month acquired for $1.2 billion, and authorities in Tanzania. The settlement also includes the lifting of a concentrate export ban, and the sharing of future economic benefits from mines on a 50-50 basis. More: Reuters

The World Health Organisation has warned that eastern Democratic Republic of Congo’s ongoing Ebola outbreak still constitutes an international emergency. More than 225,000 people in the region have now received a vaccine produced by pharmaceutical company Merck, with plans to deploy a second vaccine in November. More: Reuters

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