UNECA Finance Ministers’ Conference: Here’s what’s on the agenda

The 55th Session of the Economic Commission for Africa Conference of African Ministers of Finance, Planning and Economic Development hosted by the United Nations Economic Commission for Africa kicks off today in a hybrid format in Addis Ababa. This year's conference aims to tackle pressing issues facing the African continent and explore innovative solutions to drive sustainable development and economic growth. CNBC Africa’s Godfrey Mutizwa spoke to Antonio Pedro, the Acting Executive Secretary of UNECA, to discuss the key themes and objectives of this important gathering of policymakers, economists, and stakeholders. Antonio Pedro highlighted three main pillars that will be at the forefront of discussions during the conference. The first pillar focuses on sustainable financing, debt management, and pathways to address financial challenges. The second pillar revolves around promoting sustainable industrialization and economic diversification, leveraging the African Continental Free Trade Area as a catalyst for growth. Lastly, the third pillar is dedicated to climate action and energy transitions, addressing the urgent need for climate resilience and sustainable energy solutions. Pedro emphasized the significant impact of climate change on the continent and the high costs associated with response and adaptation efforts. The conference aims to bring together member states and key stakeholders to explore strategies for mobilizing internal and external financing to address these critical issues. Against the backdrop of the ongoing Pema and Polly crises, the COVID-19 pandemic, the conflict in Ukraine, and global economic challenges, the conference presents a vital platform for charting a sustainable and inclusive path forward for African economies. Pedro underscored the importance of seizing opportunities for transformative change and emphasized the need for urgent action to drive progress towards the sustainable development goals. He highlighted initiatives to leverage natural resources for innovative financing, such as promoting value addition in the battery and electric vehicle value chain and monetizing ecological services like carbon credits. These approaches offer significant potential to generate substantial revenue and reduce reliance on traditional development assistance. Discussing the financing landscape, Pedro addressed concerns around the composition of funding and the concept of a just transition. He highlighted Africa's position on energy transitions, emphasizing the need to prioritize access to energy for millions of people while championing a shift towards renewable sources. Pedro stressed the importance of context-specific approaches that consider the unique characteristics and needs of each country in pursuing sustainable energy solutions. Collaborations with partners like the African Development Bank and Afrexin Bank are instrumental in driving initiatives that support green energy transitions across the continent. The conversation also touched upon the role of the African Continental Free Trade Area (AfCFTA) in advancing economic integration and trade. Pedro emphasized the importance of prioritizing implementation and accelerating efforts to leverage the AfCFTA for sustainable industrialization and economic growth. He highlighted the need to address barriers to trade, enhance payment systems, and promote intra-African trade to maximize the benefits of the free trade area. Pedro stressed the significance of domesticating trade agreements and ensuring macroeconomic convergence to facilitate seamless trade within the continent. The conference serves as a platform for policymakers to address pressing challenges, explore innovative solutions, and drive sustainable development in Africa. As the region grapples with complex economic, social, and environmental issues, the conference aims to foster collaboration, dialogue, and actionable strategies to overcome existing hurdles and drive progress towards a more resilient and prosperous future.