UNECA’s Pedro on ‘Afri-shoring’ the continent’s economy

The 30th-anniversary celebration of the Afreximbank at the ongoing Afreximbank Annual Meetings in Accra, Ghana, has been a momentous occasion filled with discussions about key initiatives and partnerships aimed at driving Africa's economic transformation. CNBC Africa's Godfrey Mutizwa sat down with Antonio Pedro, the Acting Executive Secretary of the United Nations Economic Commission for Africa (UNECA), to delve into some exciting projects and strategies that are set to reshape the continent's industrial landscape. Pedro highlighted the concept of 'Afri-shoring,' an inward-looking agenda that focuses on creating robust regional value chains and supply routes to reduce Africa's vulnerability to external shocks and enhance intra-African trade. A key theme that emerged from the interview was the importance of policy coherence and collaboration at the national, regional, and continental levels to drive industrial transformation and economic diversification. Pedro emphasized the need for a holistic approach that integrates industrial policy, trade policy, and international relations to create a conducive environment for sustainable development and inclusive growth. He also underscored the critical role of science, technology, and innovation in leveraging Africa's dynamic comparative advantages to foster lasting competitive advantages. As Africa navigates the challenges and opportunities posed by the green energy transition and global economic shifts, Pedro's insights shed light on the strategic pathways toward unlocking Africa's full economic potential. The discussions at the annual meetings underscored the urgency and importance of aligning government priorities to support domestic investors, harnessing dormant capital, and fostering inclusive economic growth. The continent's industrial transformation journey is a complex yet promising endeavor that requires concerted efforts, coordinated action, and unwavering political will to drive sustainable development and prosperity for all.