COM2024 : calls for sustainable economic transition in Africa
The 42nd meeting of the Committee of Experts of the Conference of Ministers of Finance, Planning, and Economic Development (COM2024), held in Victoria Falls, Zimbabwe, resulted in an urgent call for a transition towards inclusive, environmentally respectful, and economically viable economies in Africa. Discussions highlighted the challenges facing the continent and proposed innovative solutions to promote sustainable development.
By the Editorial Team
The Annual Conference of Ministers of the ECA, COM2024, held in Victoria Falls, Zimbabwe, from February 28th to March 1st, 2024, followed by parallel events on March 2nd and 3rd, and the ministerial segment spanning two days on March 4th and 5th, culminated in a pressing call for all countries to embrace inclusive, low-carbon, and resource-efficient economies, leveraging innovative financing solutions at the local level.
Convened under the theme « Financing the Transition to Inclusive Green Economies in Africa: Imperatives, Opportunities, and Policy Options, » the Conference, which brought together experts, policymakers, and key development stakeholders, reflects the urgency to rethink development models to address contemporary challenges such as climate change, economic fragility, and growing inequalities.
In his opening remarks, Mthuli Ncube, Minister of Finance, Economic Development, and Investment Promotion of Zimbabwe, emphasized Africa’s untapped potential in irrigable land, with only about 13% of land currently used for irrigation out of 127 million hectares available.
« We have vast water bodies to irrigate our fertile soils; all we need is investment in advanced irrigation technologies and adequate financing for climate-resilient agriculture to achieve food security, » said Mthuli Ncube.
He also underscored that transitioning to inclusive green economies requires significant investments, urging the international community to support this transition and promote environmentally friendly renewable energies.
Antonio Pedro, Deputy Executive Secretary of the ECA, highlighted growing global challenges such as economic fragility, climate change, and conflicts, emphasizing the need for Africa to accelerate just and sustainable transitions.
We have a unique opportunity to actively transform our countries by transitioning to inclusive, low-carbon, and resource-efficient economies
« We have a unique opportunity to actively transform our countries by transitioning to inclusive, low-carbon, and resource-efficient economies, » he stressed.
Rebecca Otengo, outgoing Chair of the Ministers’ Conference and Ambassador of Uganda to Ethiopia, advocated for the implementation of the African Continental Free Trade Agreement (AfCFTA) to facilitate the free movement of people, goods, and services across the continent, emphasizing the need for additional financial mechanisms to boost economic growth.
During the discussions, several key transformation areas were identified. These include improving food systems through the development of regional value chains and accelerating the implementation of AfCFTA to enhance the continent’s resilience to shocks related to global food security.
Additionally, emphasis was placed on the importance of access to affordable and clean energy, promoting digital connectivity to reduce the digital divide, and transforming educational systems to prepare the African workforce for the challenges of the 21st century.
Finally, participants highlighted the urgent need to strengthen collective responses to climate change, biodiversity loss, and pollution by implementing policies and initiatives that promote environmental sustainability.
COM2024 continued with in-depth working sessions and discussions aimed at developing concrete recommendations to promote sustainable economic transition in Africa.
