COM2024: Reform of global financial architecture on agenda when African ministers meet in Zimbabwe

Experts are expected 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, during the ECA Conference of Ministers Finance, Planning and Economic Development (COM2024) to be held on February 28 to -March 5, in Victoria Falls, Zimbabwe. Calls for an international finance architecture which is fair have continued to grow, with leaders on the continent often highlighting the injustice that Africa continues to suffer due to, among others, the existing unfair international finance architecture. ALSO READ: Kagame: Now is the time to make international financial system fit for purpose Amb. Claver Gatete, Executive Secretary of the Economic Commission for Africa (ECA), and Zimbabwe Minister of Finance, Economic Development and Investment Promotion, Mthuli Ncube, on Monday, February 12, briefed journalists from across Africa on the upcoming conference, saying it was timely, considering the impact of the multiple crises in Africa, including the cascading impacts of climate change, the war in 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,” Gatete said. Alongside ministers of finance, experts from key financial institutions such as the World Bank, Afreximbank, African Development Bank and the private sector will be providing inputs on concessionary financing, tax reforms, capital markets, domestic resource mobilization, regulatory frameworks, power pools and carbon credits. Ncube 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. “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,” said Ncube. Gatete noted that the continent’s Ministers of Finance, who are the “foot soldiers” dealing with issues on a regular basis will have a say on what needs to be done. As host country, Zimbabwe will be able to showcase Victoria Falls, which is highly regarded as a world class tourist destination, and that also demonstrates infrastructure collaboration and regional integration. COM 2024 will kick off with a meeting of the Committee of Experts on February 28 to March 1. Side events will take place on March 2-3. The Ministerial segment will conclude the conference on March 4-5. Also to be featured at the conference is the annual Adebayo Adedeji Lecture, by one of Africa’s foremost experts on AI, James Manyika, who will speak on the topic: Artificial intelligence as a driving force for the African economy and society. Furthermore, COM 2024 will see the launch of preliminary findings of the ECA Economic Report on Africa. During the ministerial meeting, there will be round table discussions on key sub themes: global financial architecture reform; addressing the intersection of debt, climate, and development in Africa; technology for Africa’s development - crafting a path to inclusive technological advancement; green trade and Africa’s future; navigating climate action, the African Continental Free Trade Area, and global supply chains for a sustainable transition. Organized by the ECA, annually, the Conference brings together African Ministers of Finance, Planning and Economic Development, governors of central banks, and entities of the United Nations system. It includes the participation of pan-African financial institutions, youth representatives, African academic and research institutions, development partners, intergovernmental organizations, and other key stakeholders, to engage and exchange views on the state of economic and social developments in Africa.

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COM2024: Reform of global financial architecture on agenda when African ministers meet in Zimbabwe