By Staff Reporter

Minister of Finance and investment Promotion,  Professor Mthuli Ncube, attended the Conference of Ministers of Finance in Africa where he urged African countries facing financial difficulties to engage local private investors to invest toward the creation a green economies.

Minister Ncube also noted that while the benefits of transitioning to a green economy are clear, securing financing remains a significant challenge. African countries often face limited access to capital, high borrowing costs and competing development priorities as some are still dealing with post COVID-19 traumas,  poverty and issues to do with governance.

He emphasized that the perceived risks associated with green investment such as regulations can deter private sector investment.

"African countries should come up with reform initiatives that attract private players as investments should be cross regional rather than individualistic," he said.

Prof Mthuli further informed that Climate change and global warming issues need to be addressed with urgency as they are an emerging threat to development

Furthermore, the forum emphasized on the need for value addition of their mineral products as compared to exporting them in their raw state.

Minister Ncube, urged countries to stop exporting raw materials and also stop giving special economic zone statuses to mining companies. He urged Zimbabwean Revenue Authority to stop creating tax exception on mining companies. With reference to lithium  mining in Zimbabwe ,  he emphasized on the need to export as lithium sulphate instead of lithium ore thereby adding value to the resource.

Meanwhile, the success stories of resource mobilization  cited included the Democratic Republic of Congo (DRC) and Zambia electric vehicles and battery manufacturing project which is a 6 Billion USD project meant to reduce carbon footprint, the Zimbabwe-Zambia Agro food processing project as well as the Ghana-Ivory coast project on Agro foods processing and various solar harvesting plants.