Mr Aziginaateeg said while many African countries generated substantial revenues through taxation, natural resources, state enterprises, foreign grants and borrowing, the expected improvements in infrastructure, healthcare, education, housing and industrialisation had not been realised in many parts of the continent.

In a policy paper copied to the Ghana News Agency, he described the situation as Africa’s “revenue versus development paradox,” arguing that the challenge facing many countries was not the generation of public revenue but the effective management of those resources.

He said the governments should distinguish between expenditure that merely sustains the operations of the state and expenditure that creates long-term economic and social value.

Investments in roads, railways, ports, energy infrastructure, schools, hospitals, housing and industrial parks generated lasting economic benefits by creating jobs, expanding the tax base and supporting future development, he said.

“Infrastructure is not a cost; it is an investment with enduring economic and social returns,” he stated.

Mr Aziginaateeg said countries that had achieved sustained development generally maintained strong institutions, enforced accountability and directed public resources towards projects that improved the welfare of their citizens.

He argued that public revenue should be regarded as a trust held on behalf of citizens and managed transparently to maximise public benefit.

“The most meaningful benchmark for any budget is not the revenue it raises, but the value it creates for society,” he said.

He called for greater fiscal discipline, stronger institutions and accountable leadership to ensure that public resources translated into measurable improvements in healthcare, education, housing, infrastructure and employment.

He said every public expenditure should be assessed against its contribution to improving the lives of present and future generations, adding that accountability extended beyond preventing corruption to ensuring that public funds delivered tangible development outcomes.

Mr Aziginaateeg said Africa’s long-term prosperity would depend not only on its abundant natural resources but also on the integrity, discipline and strategic management of those resources.

He maintained that accountable leadership, sound public financial management and a commitment to the common good remained critical to achieving sustainable development across the continent.