Africa should strengthen accountability and governance to prosper – Duma Boko
As African Economic Conference opens, Botswana President, UNDP, ECA, and AfDB name for daring reforms and decisive motion to spice up Africa’s potential to grow to be a worldwide powerhouse.
Africa’s financial success and sustainability are intrinsically linked to accountable governance, Botswana’s new President, Duma Boko, burdened on the 2024 African Economic Conference that opened right now in Gaborone underneath the theme, “Securing Africa’s Economic Future Amidst Rising Uncertainty.”
“Peace and stability in Africa must be anchored on accountable and responsive governance,” the president stated including, “This is a fundamental human right for every African citizen. It sets the requisite bedrock for any form of measure for our economic development and its sustainability.” He additionally referred to as on African international locations to strengthen democracy and uphold the rule of legislation.
President Boko underscored that transparency, accountability, and respect for the rule of legislation are essential in attracting overseas funding and fostering sustainable progress. “Africa is at a crossroads,” he stated. “We must confront the obstacles facing our citizens and leverage our collective strengths to secure a prosperous future amidst a volatile global economic environment characterized by rising inflation, supply chain disruptions, and tightening monetary policies.”
The three-day convention brings collectively leaders, policymakers, and specialists to deal with the continent’s financial challenges and alternatives. Organised by the Government of Botswana, the African Development Bank, the United Nations Economic Commission for Africa (ECA), and the United Nations Development Programme (UNDP), the occasion seeks actionable options for Africa’s financial progress.
Innovative monetary options for progress
“Global uncertainties challenge us to rise above prevailing circumstances and invest in the Africa we want – which is the Africa the world needs: a continent characterized by shared prosperity, productive regional integration, vibrant and entrepreneurial youth, and freedom from fear, disease and deprivation,” underscored UN Assistant-Secretary General and UNDP Africa Director Ahunna Eziakonwa.
Ms Eziakonwa additionally referred to as for revolutionary and sustainable monetary options to scale back borrowing prices and tackle credit standing biases, which price the continent $76 billion yearly. “We must stem illegal flows where $90 billion is lost. Tens of billions of pension funds, sovereign wealth funds, and insurance funds must work for the continent rather than elsewhere. This Conference must go beyond diagnosing challenges and should lead to actionable solutions. We must take steps to ensure that Africa’s abundant resources finance its growth.”
The co-organisers additionally underscored Africa’s distinctive endowments, together with its considerable pure assets and youthful inhabitants, which may drive transformative progress if governments prioritise training, expertise improvement, and worth addition for uncooked supplies.
Addressing Africa’s financial and social challenges
The United Nations Under-Secretary-General and Executive Secretary of ECA, Claver Gatete, stated Africa confronted a number of urgent points, together with local weather change, unsustainable debt, and systemic world inequalities. The world monetary system is failing to serve Africa adequately and must be urgently reformed, he stated.
Gatete highlighted that the continent’s annual losses from local weather disasters alone are as excessive as $440 billion, whereas the financing hole to realize the Sustainable Development Goals in Africa has surged to $1.3 trillion yearly. At the identical time, Africa’s exterior debt surpassed $1 trillion in 2023, with unsustainable curiosity funds limiting improvement financing.
“The human cost is equally staggering. Nearly 476 million Africans live in poverty today, with 149 million falling into this bracket recently due to cascading climate and economic shocks,” Gatete stated.
Regional reforms and integration are essential
President Boko inspired African nations to leverage the African Continental Free Trade Area to rework the continent’s financial panorama by elevated funding, job creation, and industrialisation.
“We must not allow the uncertainties of today to deter us from the opportunities of tomorrow,” he informed individuals.
Chief Economist and Vice-President of the African Development Bank Prof. Kevin Urama, urged African international locations to undertake revolutionary, homegrown options tailor-made to its distinctive challenges. He advocated for strengthened fiscal insurance policies and extra resilient useful resource mobilization to deal with debt challenges.
Source: ECA
