Accelerating the implementation of Agenda 2063, advocating for the reform of international financial institutions and increasing trade and investment for the deployment of the African Continental Free Trade Area. This is the substance of the declaration adopted by the Heads of State and Government, the representatives of the Bureau of the African Union Conference as well as the Presidents of the eight Regional Economic Communities (RECs) and Regional Mechanisms (RMs) on July 21, 2024. This was during the 6th Mid-Year Coordination Meeting of the African Union in Accra, Ghana.
The Heads of State and Government took note of the conceptualization and development of the Team Africa Flagship Initiative by the AU Commission and AUDA-NEPAD in cooperation with the African Continental Free Trade Area Secretariat; the Africa CDC; the African Peer Review Mechanism; the Pan-African Parliament; and the Regional Economic Communities. The initiative is a flagship resource mobilization programme of the AU for the acceleration of the implementation of the second ten-year programme of Agenda 2063. The programme is expected to be launched in 2025.
Acceleration of the implementation of Agenda 2063
It refers to the initiative aimed at intensifying and accelerating efforts to achieve the goals set by the African Union’s Agenda 2063. Agenda 2063 is the strategic framework aimed at transforming Africa into a global power of the future, by addressing various areas such as economic development, peace and security, regional integration, and sustainable development.
Accelerating this implementation involves several key actions including institution building (improving the capacities of African institutions for better governance and effective policy implementation), resource mobilization (ensuring the necessary financing for priority projects, by mobilizing internal and external resources), monitoring and evaluation (establishing rigorous monitoring and evaluation mechanisms to measure progress and adjust strategies accordingly), partnerships (encouraging partnerships between governments, the private sector, civil society, and international partners). These actions aim to ensure that the objectives of Agenda 2063 are achieved more quickly and effectively, thus contributing to a positive transformation of the African continent.
Advocacy for reform of international financial institutions
Heads of State and Government called on Member States, the AU Commission, RECs, RMs and AUDA-NEPAD to strengthen their collaboration in the implementation of the African integration agenda, stressing the role of Member States in allocating adequate financial resources to ensure the effective implementation of the integration agenda. The meeting also endorsed recommendations on accelerating the establishment of African Union Financial Institutions (AUFIs) and enhancing interoperability for economic integration using mobile money to buy and sell across Africa.
The African Union (AU) Financial Institutions are based on several key arguments aimed at improving the efficiency, transparency and relevance of these institutions to meet the needs of the African continent. Strengthening economic sovereignty involves reforming these institutions that would reduce Africa’s dependence on traditional international financial institutions, such as the International Monetary Fund (IMF) and the World Bank. By developing strong financial institutions within the AU, African countries would be able to better manage their resources and make more autonomous economic decisions. These reforms would enable African financial institutions to better respond to global challenges, such as climate change, pandemics, and economic crises. By adopting innovative approaches and strengthening their resilience, these institutions would be better equipped to support African countries in the face of these challenges.
Increasing trade and investment for the deployment of the African Continental Free Trade Area
Mohamed Ould Cheikh Ghazouani, President of the Islamic Republic of Mauritania and current Chairperson of the African Union, stressed that cooperation and integration would strengthen strategic planning and operationalization of critical continental infrastructure, such as regional power pools, transmission lines, and digital and transport infrastructure. He urged Member States to redouble their efforts in trade facilitation through the simplification, standardization and harmonization of procedures and related information flows in order to boost intra-African trade and leverage the benefits of the African Continental Free Trade Area (AfCFTA), in terms of free movement of goods, services and people.
Moussa Faki Mahamat, Chairperson of the African Union Commission, reiterated the potential of the African Continental Free Trade Area (AfCFTA) as an engine for growth and diversification of African economies, noting that AfCFTA is a lever that catalyzes structural reforms which, in turn, will facilitate wealth creation through better economic governance, mobilization of finance and human capital. He added that
“In line with this observation, it would be desirable to go to major international meetings speaking with one voice. I am thinking here of all the major forums of major importance, first and foremost the G20, of which we are now a member, and where strategic issues such as the reform of international financial institutions, climate change, debt and the energy transition are debated. Our ability to build complementary relationships between the AfCFTA and the Regional Economic Communities is fundamental for the AfCFTA to be able to base its activity on the achievements of the RECs, as prescribed by the Treaty that created it. In this way, regional achievements would be exploited, thus overcoming obstacles to integration within the RECs and between Member States.”
The entry of the African Union (AU) into the group of the most powerful economies in the world, the G20, since September 2023 underlines the growing influence of the continent on the world stage and offers an opportunity for African countries to finally weigh in on international decisions. African leaders widely applauded this integration, while only South Africa was represented at the G20, whose summit was held in New Delhi on Saturday 9 and Sunday 10 September 2023. They hope that the continent’s voice will count more in decisions concerning global finance, international trade and climate change.
