Download logo
The Executive Secretary of the Economic Commission for Africa (ECA), Mr. Claver Gatete, has called for a decisive shift toward domestic resource mobilization to finance Africa’s industrialization, emphasizing that sustainable development cannot rely indefinitely on external financing.
Speaking at the Joint 9th Session of the Specialized Technical Committee on Finance, Monetary Affairs, Economic Planning and Integration and the 5th Session of the Specialized Technical Committee on Trade, Tourism, Industry and Minerals, Mr. Gatete highlighted the urgency of aligning finance with productive sectors.
“Economies that do not produce remain vulnerable,” he stated, noting that recent global shocks—including geopolitical tensions and supply chain disruptions—have exposed structural weaknesses across the continent.
Mr. Gatete stressed that Africa must prioritize industrialization by increasing value addition, expanding manufacturing, and strengthening intra-African trade under the African Continental Free Trade Area (AfCFTA).
He outlined five key priorities to advance the continent’s industrial transformation: strengthening domestic resource mobilization; leveraging public resources to attract private investment; accelerating regional value chains; investing in integrated and sustainable energy systems; and reinforcing Africa’s financial architecture.
He further emphasized the importance of coherence across policy areas, noting that “fragmented policies cannot produce integrated economies.”
The ECA Executive Secretary reaffirmed the Commission’s commitment to supporting Member States in strengthening fiscal systems, expanding capital markets, and advancing innovative financing mechanisms to unlock Africa’s productive potential.
He also underscored the importance of continental financial initiatives, including the African Financing Stability Mechanism and the Pan-African Payment and Settlement System, as key pillars for mobilizing long-term investment.
Mr. Gatete concluded by reaffirming ECA’s commitment to working with the African Union Commission, the African Development Bank, and other partners to translate policy commitments into tangible outcomes, including industries, jobs, and inclusive growth across the continent.
Distributed by APO Group on behalf of United Nations Economic Commission for Africa (ECA).
Aligning finance with production critical for Africa’s structural transformation
NewsTrendsKE
A News Blog For Readers Who Want More