United Nations Economic Commission for Africa (UNECA) Executive Secretary Claver Gatete emphasized the need for African countries to improve their management of development financing and strengthen continental market integration. Gatete addressed the 48th Ordinary Session of the Executive Council of the African Union (AU) in Addis Ababa, highlighting the challenges posed by global economic uncertainties and evolving trade dynamics. He stressed the importance of adapting to a changing economic landscape marked by industrial strategies, geopolitical shifts, and resource control.
Gatete pointed out the increasing cost of capital and declining development assistance, compounded by security threats and climate change impacts. He underscored the urgency for Africa to reduce its reliance on external factors, emphasizing the necessity of developing a self-sustaining continental economic framework. To navigate these challenges, Gatete proposed key actions, including enhancing development finance management, investing in infrastructure, promoting value addition within regional value chains, fostering market integration, and leveraging technology and data for economic growth.
The executive council meeting, held within the 39th AU Summit, focuses on the theme “Assuring Sustainable Water Availability and Safe Sanitation Systems to Achieve the Goals of Agenda 2063.” Foreign ministers from AU member states are convening to address critical issues related to sustainable development and economic resilience.
