In Africa, the transformation of the multilateral financial architecture and the slow progress towards achieving the Sustainable Development Goals remain a real challenge. Through its Agenda 2063, the African Union is proposing to focus on regional integration, strategic investment and building resilience to current and future challenges. This means diversifying economies, modernising infrastructure, investing in renewable energy and promoting economic and trade policies.
Africa is one of the world’s fastest-growing economies, but meeting the demand for key infrastructure at all levels remains a priority. According to the World Bank, sub-Saharan Africa is home to over a billion people, more than 50% of whom will be under the age of 25 by 2050. The continent is rich in human and natural resources and represents a market of 1.2 billion people, as well as the world’s largest free trade area (in terms of the number of participating countries). But to make the most of these opportunities and tackle challenges such as poverty and inequality, Africa needs to invest in infrastructure.
We must accelerate the African Free Trade Area implementation. As Africa’s most transformative economic initiative, since the founding of the OAU,the African continental free trade area has the potential to restructure African economies .By 2045, the AfCFTA is projected to boost intra african trade by 45% while driving sectoral growth.
Claver Gatete, Executive Secretary of the ECA
Infrastructure investment can play an important role in the continent’s recovery, creating jobs, boosting productivity and supporting inclusive growth. In terms of accelerating climate action, the Africa Adaptation Acceleration Programme (programme) led by the African Development Bank and the Global Centre on Adaptation aims to mobilise $25 billion over five years to accelerate and scale up climate adaptation measures on the continent.
The challenge before us is implementation and that includes aligning policies, reducing barriers and investing in productive capacities.
Claver Gatete, Executive Secretary of the ECA
According to the AU Executive Council, African countries have not yet achieved their development goals, but the new Sustainable Development Goals (SDGs) are perfectly in line with the continent’s priorities for the next fifteen years, led by Agenda 2063. It is important for the continent to embark on a new development trajectory conducive to this structural transformation in order to improve productivity, in line with the rise of industrialisation, which requires massive investment in human capital, as well as the development of new technologies.
For the proper functioning of the new structures that have been put in place is the satar reform. I believe that this reform of staff placement in the new structures that have been set up following the reforms that were hampered, notably the space agency, the humanitarian agency, or the African Union medicines, all these agencies need staff.
Mahamoud Ali Youssouf, Chairman of the African Union Commission
It is important to develop resilience strategies that are adapted to local contexts, taking into account the specific challenges and needs of each region and community, according to the former AfDB President. Creating sustainable livelihoods, particularly in the agricultural sectors, is crucial for community resilience and poverty reduction in Africa.
