By Francis Ntow
Sharm El Sheikh (Egypt), May 26, GNA – Albert Muchanga, the Commissioner for Trade and Industry for the African Union (AU) Commission, has challenged African governments to urgently mobilise domestic finance toimplement the Union’s Agenda 2063.
This would prosper the continent and its people, otherwise the goals of Agenda 2063, adopted in 2013 would not beachieved, he said.
Mr Muchanga made this call during a high-level meeting of Governors of the African Development Bank (AfDB) at the Bank’s 58th annual meetings in Sharm El Sheikh, Egypt.
He explained that the current funding for Agenda 2063 wasrather small and should that trend continue it would be difficult to transform the world’s second largest continent into a global economic powerhouse.
The master plan is geared towards achieving inclusive and sustainable development across the continent.
He noted that about 80 per cent of the AU’s budget was donor-funded, which put the achievement of the sustainable growth and prosperity vision of the Union at risk.
“In 2016, we made commitments to enhance the financing of the Union and one of the things we set out to do was the establishment of the Peace Fund, and the target was that there should be $400 million in it,” he said.
“Unfortunately, we’ve had disruptions like COVID and the Russia-Ukraine war, which have affected the mobilisation of money into the Fund to support regional peace and security,” the Commissioner added.
This situation, he said, led to the Union taking steps to mobilise internal private sector finance to support the implementation of the Agenda 2063.
This was being done through the Association of Stock Exchanges establishing the pan-African Stock Exchange.
“In July last year, we started a study to understand the terrain and to start work to roll out the pan-African Stock Exchange. The focus is to position Africa grow between seven and 10 per cent,” Mr Muchanga said.
“Africa has not developed the capacity to produce intermediate goods. So, let’s invest in the technical and industrial skills to transform our materials into intermediary goods for sustainable growth,” the Commissioner encouraged African governments.
“Africa is not at where it needs to be. We need you and we need each other, because we have a collective responsibility to build Africa and put it where it needs to be”, Dr Akinwumi Ayodeji Adesina, the President of AfDB, also said.
The Governors at the meeting, therefore, urged support for the implementation of Agenda 2023 without any delay, and pledged to ensure the mobilisation of the needed resources to its fruition.
Birthed in 2013 during the 50th anniversary celebration of the Organisation of African Unity (OAU)/AU, the 50-year vision marks a rededication towards the attainment of an integrated, prosperous and peaceful Africa.
Agenda 2063 is to be driven by the people of Africa, representing a dynamic force in the international arena through structural transformation, increased peace and reduction in social conflicts.
It also demonstrates a renewed energy towards the continent’s economic growth, social progress, the need for people-centred development, gender equality and youth empowerment within a global contest of ICT revolution.
GNA