ADDIS ABADA, Ethiopia, 28 March 2015,-/African Media Agency (AMA)/- The message that came out strong and clear at the Joint Annual Meetings of the African Union Specialized Technical Committee on Finance, Monetary Affairs, Economic Planning and Integration and the ECA Conference of African Ministers of Finance, Planning and Economic Development currently taking place in Addis Ababa, is that the Agenda 2063, has a higher chance of success compared to the MDG 2015, as it was developed in consultation with African stakeholders including the civil society and the private sector. It was agreed that Africa will domesticate this agenda at a national, regional and continental level. In fact, experts revealed that the post MDGs 2015 will be a subset of Agenda 2063.
Reiterating the message, Mr Anthony Mothae Maruping, Commissioner for Economic Affairs, African Union Commission (AUC) said, “Inclusive approach has a stronger resolve to operate and higher chances of success. Collective action will be required, in form of proper strategy, planning at national, regional and continental levels for it to succeed. In fact, private sector and civil sector are also expected to domesticate agenda 2063. They made substantial contributions during discussions.”
Welcoming the experts, Mr Abdalla Hamdock, Deputy Executive Secretary said, “Permit me to praise Africa’s rise. We have enjoyed consistent growth rates for two decades. In fact, we are one of the world’s fastest regions…because of prudential policies, growing middle class, demand for materials from emerging countries. To make this progress sustainable, requires that various stakeholders continue to strategise. It’s with a sense of pride I note that we have pulled together some of Africa’s finest minds today. Your presence is a testimony to the importance you give to the economic development of the continent.”
Experts discussed the importance of raising finance for implementing the Agenda. Mr Hamdock questioned, “How to raise finance and implement Agenda 2063? Adequate and dependable financing is essential to make this work. Of equal importance is the recognition of developmental objectives and goals at national and local levels. Hence, a 10year year plan is being implemented at national and regional level.”
Discussing the AUC Agenda 2063, focusing on planning, mobilising and financing for development, delegates reflected on the means of implementation and agreed that mobilising domestic resources instead of reliance on external donors was the surest course for Africa to take. To finance infrastructure, agriculture; regional integration; manufacturing; health and education, Africans, counselled panellists, have to look in their coffers.
Africans have to take charge of their own development agenda and come up with innovative strategies in the changed global context as evidenced by financial crises, sluggish economic growth and donor fatigue said Mr. Mandla Madonsela, Director of Strategic Planning at the AUC.
Chairing the session, Dr. Hamisi H. Mwinyimvua, the Deputy Permanent Secretary at the Ministry of Finance of Tanzania, reminded those present that Agenda 2063 aspires to continental prosperity, integration, good governance, security, people-driven development and a strong cultural identity. However, panellists warned these aspirations will not amount to much without African resources to finance them.
Suggestions to mobilise funds internally in Africa include expanding of the tax base; modifying the role of central banks; improving tax collection; private and public collaboration; optimizing collection of savings; varying sources of economies; developing value chains and encouraging small and medium enterprise development.
Mr Hamdock, said, “The ECA has worked tirelessly to produce a number of indexes- African Regional Integration , Social integration index and in financing resources, the African Development Forum organised by the ECA was on theme- innovative finance for Africa’s transformation and looked into Illicit Financial Flows, Domestic Resource Mobilisation, Private Equity, Private Financing and New Forms of Partnership.”
Distributed to African Media Agency (AMA) for ECA and AUC.