Africa (Common Wealth) _ The robust growth that a large number of African countries were experiencing before COVID – Pandemic was deprived, UN Secretary-General António Guterres emphasized while highlighting the necessity of intensifying efforts to create a unified trade market on the continent.
The African Continental Free Trade Area (AfCFTA), which is slated to be the largest in the world, was this year’s main topic of discussion at the annual Africa Dialogue Series in New York, where Mr. Guterres was speaking on the last day.
He claimed that the pandemic increased food and energy costs, which were exacerbated by Russia’s invasion of Ukraine and increased poverty, inequality, and food insecurity.
Governments have also had to deal with rising interest rates, which raises the possibility of debt, and climate change has brought about severe floods and droughts, which raises the possibility of starvation.
The UN president urged attendees, “We must step up our efforts and exploit the full potential of trade and industrialization to drive sustainable, inclusive growth, guided by the 2030 Agenda for Sustainable Development and the African Union’s Agenda 2063.
He claimed that the AfCFTA will serve as a catalyst for this expansion.
According to the most recent estimates, if it is fully implemented by 2035, revenue benefits of up to 9% could result. This would lessen income disparities and help up to 50 million people escape the worst forms of poverty, he continued.
The Secretary-General emphasized that improving access to financial resources and investment is the first of four essential areas that must be addressed in order to fulfill the AfCFTA commitment.
“The global financial system needs to be fundamentally changed so that Africa is represented at the highest level,” he stated.
Along with removing tariffs, creating “made in Africa” supply chains, and harmonizing laws to encourage investment, barriers that impede intra-African trade and manufacturing capacities must also be removed.
His final argument centered on the importance of energy and digital infrastructure for African nations to develop their manufacturing capacities and fully utilize the potential of entrepreneurship and innovation.
We must use technology to accelerate Africa’s industrialization, replace aging infrastructure, and move quickly toward the Fourth Industrial Revolution, he explained.
He said that the continent is endowed with resources that might turn it into a global leader in renewable energy and that by the middle of the century, the industry could support more than six million jobs. Yet during the previous ten years, only 2% of worldwide investments in renewable energy have gone to Africa.
His third statement emphasized the importance of investing in “human capital,” with Africa’s energetic, young, and innovative people serving as both an important labor force and a sizable market.
The greatest way to ensure that Africans fully contribute to the continent’s digital revolution and sustainable growth, he said, is to provide good jobs, particularly for women, and to promote education, training, and lifelong learning.
The African Dialogue Series brings together professionals, academics, representatives of civil society, policymakers, decision-makers, young people, and other stakeholders to discuss issues affecting the continent.
The UN Office of the Special Adviser on Africa (OSAA) together with its other subsidiary partners organized the event.
