In Ethiopia’s capital, Claver Gatete of UNECA urged African countries to supercharge development financing and continental market ties. At the AU Executive Council’s 48th session launch, he stressed building defenses against global economic volatility.
Foreign ministers convened as the globe grapples with slowed expansion, trade strife, and supply disruptions. Gatete described an economy reshaping via industrial maneuvers, power plays, and resource grabs. ‘Development’s playbook is being rewritten,’ he noted.
Exacerbating factors include costlier funding, aid cuts, instability, and climate escalation. The model of exporting unprocessed goods while importing processed ones and leaning on soft loans is defunct.
‘Our progress must root in Africa’s economic ecosystem,’ Gatete insisted, pushing resource beneficiation.
His five imperatives: optimize finance raising and use, fund connective infrastructure, hasten value addition via AfCFTA chains, amplify market cohesion, and elevate technology and data.
Part of the 39th AU Summit, themed ‘Sustainable Water and Sanitation for Agenda 2063’ in 2026, this forum galvanizes action.
Gatete’s blueprint offers Africa agency in turbulent times. Prioritizing self-sufficiency could catalyze transformation, turning challenges into opportunities for inclusive, resilient prosperity.