Africa Must Drive Its Own Destiny In A Fast-changing World

Speaking at the recent 57th Conference of African Ministers of Finance, Planning and Economic Development in Addis Ababa, which had the African Continental Free Trade Area AfCFTA as its key focus, he said building resilience had become more critical than ever. Africans need to turn inward to build self-sufficiency, "particularly against the backdrop of a precarious global economic terrain characterised by heightened geopolitical tensions, shifting alliances, unjust trade tariffs and mounting debt crises," he said.

By 2045, the AfCFTA is projected to increase intra-African trade by 45 and enhance Africa's GDP by 1.2. It will also boost production in sectors such as agri-food by 60, industry by 48, services by 34, and energy and mining by 28. Landlocked countries, currently disadvantaged by high trade costs and limited access to global markets, "have a unique opportunity to break free from these geographical disadvantages and boost their economic growth.

Gatete also called for a strengthening of regional value chains and special economic zones.

His comments were echoed by Hanan Morsy, chief economist and deputy executive secretary of the United Nations Economic Commission for Africa ECA, who said Africa was at a crossroad facing both a period of historic opportunity but also significant structural challenges, such as low levels of intra-African trade, persistent infrastructure gaps, and limited industrialisation.

"The AfCFTA is our chance to redefine Africa's economic standing, to amplify our voice on global issues, and to shape the rules of global trade and economic governance."