African finance ministers have urged governments to develop instruments and institutions that can bridge the technology gap, as well as new funding structures that, with the correct governance frameworks, can benefit Africa.
The call was made yesterday at the conclusion of the 56th Conference of Ministers of Finance, Planning, and Economic Development, held in Victoria Falls, Zimbabwe.
According to the ministers, the conference concluded with a consensus that African countries should fight for reform of the global financial architecture to be ‘fit for purpose’ and better serves Africa's economic aspirations.
The ministers urged the United Nations Economic Commission for Africa (ECA) to step up its efforts to ensure that global financial institutions are capable of serving Africa's interests.
It was also discussed that the ECA should work with the African Union, and other partners, to strengthen the role of science and technology in Africa. And that science and technology will be key for the continent's transformation into an inclusive green economy, with harmonised laws and standards.
Claver Gatete, executive secretary, ECA, said: “Building inclusive green economies in Africa is not merely an anecdote, but a pressing imperative that demands our concerted action.
“In addition, the innovative solutions proposed, and the partnerships forged underscore our resolve to advance economic prosperity for all Africans.”
He indicated that the ECA is reorienting its work, with particular focus on deepening knowledge of its leadership on technology, infrastructure and climate.
“This will enable us to better support countries to accelerate the implementation of Agenda 2063 and the UN Sustainable Development Goals,” he said.
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