Ambassador Albert Muchanga African Union Commissioner for Trade And Industry – exhorted African Administrations to Marshal Mobile Domestic Finance by ways to carry out AU’s Agenda 2063
By Abdul Rahman Bangura-
NEW AFRICA BUSINESS NEWS (NABN) Freetown, Sierra Leone– Muchanga clarified that the existing allotment for Agenda 2063 was fairly little and should that tendency remain, it would be hard to renovate the world’s second-largest landmass into a global economic powerhouse. The master plan is bent on attaining wide and sustainable development across the mainland. Muchanga made this declaration at the meeting of Governors of the African Development Bank’s 58th Annual Meeting in Sharm El Sheikh in Egypt.
Approximately 80% of the AU’s budget was donor-funded, which plop the accomplishment of 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,” Muchanga noted.
“Unfortunately, we’ve had disruptions like COVID and the Russia-Ukraine war, which have affected the mobilization of money into the Fund to support regional peace and security,” the Commissioner added.
In this circumstance, he said, directed the Union accepting points to rally internal private sector finance to support the implementation of Agenda 2063. This was achieved through the Association of Stock Exchanges establishing the pan-African Stock Exchange.
“In July last of 2022, 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 to grow between seven and 10 percent,” 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 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 let out.
The Leaders at the meeting, accordingly, advised assistance for the performance of Agenda 2023 without any hesitation and vowed to assure the lobbying of the necessary help to its completion.
…in 2013 during the 50th-anniversary celebration of the Organization of African Unity (OAU)/AU, the 50-year vision captions a rededication towards the achievement of an integrated, prosperous, and peaceful Africa.
Agenda 2063 is to be ridden by the people of Africa, exemplifying a dynamic force in the international arena through structural transformation, increased peace, and reduction in social conflicts.
It moreover indicates restored energy towards the landmass’s economic growth, social progress, the need for people-centered development, gender equality, and youth empowerment within a global event of the ICT revolution.
For New Africa Business News (NABN) Abdul Rahman Bangura Reports, Africa Correspondent