Provincial Reporter
United Nations Economic Commission for Africa (ECA), Deputy Executive Secretary, Antonio Pedro, has urged Africa to utilize Africa's natural capital to wag off insurmountable obstacles posed by both unfriendly global financial systems and natural disasters on the continent.
Pedro made the remarks at the ECA Conference for African Ministers of Finance which kicked off today in the resort town of Victoria Falls.
"The world has fallen deeper into economic fragility, climate change, conflict and distrust. Sadly, Africa has not been spared from these global trends...These include prolonged droughts, devastating floods, and out-of-season storms – all of which cause massive humanitarian crises and deepen our economic vulnerabilities," said Pedro.
Pedro who spearheaded the formulation of the Africa Mining Vision (AMV) which was adopted by the African Union Summit of Heads of State and Government in February 2009, added that the issues Africa “face today are particularly acute because the global financial system is inadequate and has completely failed Africa. In spite of this, we are equally reminded that we have the ability to create our own solutions to our problems, no matter how small they may be. That should be our collective focus as we continue the fight to reform global systems.”
Pedro further said Africa had, “a unique opportunity to actively transform our countries by transitioning into inclusive, low carbon and resource-efficient economies. In practice, this can be achieved by combining environmental commitments with climate action - socio-economic commitments with poverty eradication and reducing inequalities. And we must break away from being exporters of raw materials."
Pedro also emphasised the need for a robust and quick adoption of Africa Continental Free Trade Area (AFCFTA) to catapult African economies into self-reliance.
He also called for the rapid digital connection of African member States, complimented by well-designed industrial policies, with science, technology and innovation at the centre.
Prior to his appointment as the Deputy Executive Secretary (Programme Support), Pedro was the Director of ECA’s Sub-regional Office for Central Africa based in Yaoundé, where he successfully led the organization of the DRC-Africa Business Forum which aimed at deepening DRC and Africa’s participation in the battery and electric vehicle value chain. Analysts have thus described Pedro`s assertions as wise counsel which African governments should embrace.
The African Union, African multilateral banks and other stakeholders have been urged to make sure the economic emancipation of Africa sees the light of the day.
