African conference to raise critical questions on global financial architecture reforms
African countries have been wrestling economic crises exacerbated by rising debt and the COVID-19 pandemic that struck the world in 2020.
The ECA Conference of Ministers of Finance, Planning and Economic Development (COM2024) under the theme “Financing the transition to inclusive green economies in Africa: imperatives, opportunities and policy options” to be held in Victoria Falls, Zimbabwe would seek among others to look at the challenges most countries are facing and address critical questions on the global financial architecture reforms.
During a media engagement to announce the conference, Claver Gatete, the Executive Secretary of the Economic Commission for Africa (ECA), said the conference was timely, considering the impact of the multiple crises in Africa, including the cascading impacts of climate change, and the war on Ukraine in a post-covid era.
“The conference, which will tackle the theme, Financing the transition to inclusive green economies in Africa: imperatives, opportunities and policy options. will address the challenges most countries are facing and address critical questions on the global financial architecture reforms, the G20, the high debt servicing costs and opportunities found in the green and blue economy; as well as how technological innovations can help countries speed up implementation of the SDGs and Agenda 2063,”he said.
Mr. Mthuli Ncube, Zimbabwe Minister of Finance, Economic Development and Investment Promotion who also addressed the media, reiterated that most African countries are increasingly struggling with high debt burdens, with some already in debt distress.
“The conference should therefore find solutions on how African countries can address these challenges,” he said.
“The conference of ministers will discuss how the continent can make its own contribution to the discussions on the G20, particularly on governance of financial institutions. In addition, experiences can be shared by Zimbabwe on carbon credits and opportunities for mineral beneficiation and value addition, particularly on ways in which these resources are benefiting communities”, he said, pointing out that Zimbabwe has a strong framework on community benefits in the area of its mineral resources.
“We expect the expects to come up with solutions on how Africa can address the never ending economic shocks, how well to implement the AfCFTA and reform the global financial architecture for the benefit of the continent,” Ncube added.
The conference is scheduled for February 28 to 5 March 2024.