From the start of the work of this session, the Mauritanian President, Mohamed Ould Cheikh El Ghazouani, current Chairman of the AU, affirmed that effective coordination between the AU and the RECs constitutes an essential vector for accelerating the achievement continental integration programs.
“It is all the more important as our continent faces numerous challenges: economic, social and security and as the world around us is going through multifaceted crises which negatively impact the development of our continent,” underlined the current President. of the AU.
Mr. Mohamed Ould Cheikh El Ghazouani insisted that there is an urgent need to ensure better integration of national development plans into continental programs, in order to guarantee national interests and local ownership of regional cooperation.
This, he said, ensures better integration of the continent and promotes the unity of its voice at the global level, particularly at the United Nations, the WTO, the IMF and the World Bank, as well as at the G20. , thus giving it the means to contribute to the articulation of global agendas on critical issues for Africa, such as the reform of the global financial architecture, international tax cooperation, the reduction of illicit financial flows, and actions to financing sustainable development.
For his part, the President of the African Union Commission, Moussa Faki Mahamat noted the importance of strengthening the interaction between the economic integration of the continent and the consolidation of peace and security.
Mr. Moussa Faki Mahamat also stressed that it is fundamental that the African Continental Free Trade Area (AfCFTA) builds its activity on the achievements of the RECs.
Referring to the ability to guarantee a fair distribution of costs and benefits resulting from integration, the President of the Commission noted that the compensation fund, envisaged with eleven billion euros, will not be sufficient to bridge the development gap between member states.
To this end, he emphasized the imperative of developing innovative solidarity mechanisms and mobilizing targeted financing for the purposes of inclusive growth.
For his part, Ghanaian President Nana Akufo-Addo stressed the need to consolidate Africa’s fragmented financial institutions in order to create a more coherent and effective financial framework, explaining that this consolidation would streamline the continent’s efforts, reduce inefficiencies and duplication of efforts and improve the capacity to mobilize domestic and external resources.
He also highlighted the importance of increasing investments in essential areas such as education, infrastructure, healthcare and technology, emphasizing the crucial nature of these investments to promote comprehensive and sustainable development in across the African continent.
The Ghanaian President stressed the crucial role of the African Central Bank (ACB), the African Investment Bank and the African Monetary Fund in achieving financial stability and economic integration necessary for the achievement of Agenda 2063 of the AU.
Strengthening these institutions would strengthen Africa’s position in the global financial system and improve the quality of life of Africans through better access to essential services and opportunities, he argued.
This sixth Mid-Year Coordination Meeting between the AU, the RECs and the regional mechanisms will be sanctioned by a declaration which will be adopted by the heads of state and government at the end of their work.
2024-09-29 07:26:23