African Ministers of Finance, Planning and Economic Development have committed themselves to work together to develop a united vision to influence the global economic agenda and shape the outcomes of globalization for the benefit of Africans.
The Ministers also pledged to exert the necessary efforts to consolidate Africa’s position as a new growth pole and emerging market in the next 50 years.
This was agreed on Tuesday at the end of a two-day joint Conference of African Finance, Planning and Economic Development organized in Abidjan by the African Union and the UN Economic Commission for Africa (ECA).
The conference focused on “Industrialization for an emerging Africa” which has become imperative as African governments pursue structural transformation.
“We welcome the Africa 2063 project and encourage the African Union Commission, ECA, and AfDB (African Development Bank) to continue working on the initiative so that the continent can attain its vision of becoming an integrated, competitive, prosperous and peaceful continent that represents a dynamic force in the global economy,” the ministerial statement adopted at the end of the conference said.
The Ministers noted that despite Africa’s return to a positive growth trajectory, the pattern of development on the continent has remained mixed.
They observed that Africa’s growth has not translated into commensurate job creation and poverty rates remain high in most countries, partly because economies continue to rely heavily on primary commodity production and exports.
The conference which addressed the question of how African countries can design and implement effective strategies and policies to support the promotion of value addition, was preceded by a four-day preparatory meeting of the Committee of Experts who reviewed the state of economic and social conditions in Africa.