25 Nov 2024

Africa’s future lies in its ability to transform resources into value-added products, hence the need to build regional value chains across key sectors.

Speaking during the Africa Economic Conference in Gaborone over the weekend, United Nations Economic Commission for Africa (ECA) executive secretary, Mr Claver Gatete said some successful models illustrate that Africa’s future lay in transforming resources into value-added products and building regional value chains.

“With 94 value chains identified in 23 sectors across an estimated 240 Special Economic Zones, there is no reason why Africa cannot be successful in this endeavour since we already have successful models right here on the continent such as Botswana’s beef industry, Ethiopia’s leather production as well as Ghana and Côte d’Ivoire’s cocoa sectors for other African countries to replicate,” he said.

Mr Gatete said Africa could leverage on its critical mineral industries, as envisaged in the Democratic Republic of Congo and Zambia’s battery as well as electric vehicle initiative and lead in green technologies.

He said Africa’s renewable energy capacity, which was currently at less than 10 per cent utilisation, must be unlocked to power its industries and households.

“As we build these value chains, we will be able to secure livelihoods, create jobs and position Africa as a global economic force,” he said.

To move beyond dependency on aid, Mr Gatete said Africa should become a magnet for private investment, which requires the de-risking of the investment environment.

He said Africa could mitigate investor risks through strengthenedgovernance,  transparent  systems and innovative insurance mechanisms.

Mr Gatete said scaling up climate-resilient agriculture would ensure food security and reduce reliance on imports.

He noted that Africa should be mindful of the fact that the youth remained the continent’s greatest asset.

“Nearly 70 per cent of Africa’s population is under the age of 30 and these are young innovators, entrepreneurs and leaders who will shape our future, therefore the pact for the future that we recently adopted commits us to create opportunities for our young people,” Mr Gatete said.

He said this called for access to education, technology and jobs to ensure that Africa’s youth drove the continent’s transformation.

To that effect, he indicated that Africa’s resilience, huge resources and the innovative capacity of its youth could put the continent in a “once-in-a-lifetime” position to lead a new era of global progress.

Without bold reforms and decisive action, Mr Gatete said Africa’s dream of achieving the 17 Sustainable Developmental Goals by 2030 and the AU Agenda 2063 risk becoming an illusion.

“We must urgently push for a global financial architecture that prioritises SDG financing, climate adaptation and equitable growth,” he said.

Mr Gatete further emphasised the need to scale up domestic resource mobilisation and expand concessional finance with innovative instruments such as green and blue bonds as well as sustainability-linked bonds to ensure Africa’s resilience and financial sovereignty.

He reaffirmed ECA’s commitment to work with the continent to build an Africa that is self-reliant and prosperous for generations to come.

The conference was jointly organised by African Development Bank, ECA and UNDP. ENDS