Public Management

2018 African Economic Conference in Kigali: together for a common purpose to achieve an outcome

2018 African Economic Conference in Kigali: together for a common purpose to achieve an outcome
Wednesday, 28 November 2018 14:21

If you have visited Rwanda, no doubt you would have heard of Umuganda, a vast clean-up operation that takes place every last Saturday of the month. The transformative civic operation has gained the country global recognition. Umuganda means “coming together for a common purpose to achieve an outcome.”

That is exactly what the 13th African Economic Conference (AEC), to be hosted in Kigali from 3 to 5 December 2018, hopes to do. Uniting African think-tanks, researchers, policy makers, public and private sector leaders as well as representatives of Regional Economic Organizations, the meeting is determined to push the integration agenda for Africa to new heights.

The gathering comes just nine months after African leaders signed an agreement establishing the African Continental Free Trade Area (AfCFTA), the world’s biggest free trade agreement since the establishment of the World Trade Organization, an equally important milestone.

The AfCFTA brings together the continent’s 55-member states of the African Union with a combined market of more than 1.2 billion people. The agreement could potentially create a titanic shift in intra-African trade.

Estimates by the Economic Commission for Africa (UNECA) indicate that AfCFTA has the potential to boost intra-African trade by eliminating import duties, and double trade – if non-tariff barriers are also reduced. This will bring the continent’s current intra-Africa trade number currently standing at 15% to 52.3% compared to 54% in the North America Free Trade Area, 70% within the European Union and 60% in Asia.

The 2018 AEC theme: “Regional and Continental Integration for Africa’s Development” is aligned with the African Development Bank Group’s strategy to promote strong, shared and sustainable growth in Africa. Organizers say this year’s conference will be short on theory but big on practical solutions to advance the continent’s regional integration agenda, especially the AfCFTA’s implementation.

Africa’s challenges are well known. For this reason, the African Development Bank Group has positioned Integrating Africa as one of its High 5s development program

 “Our vision is for a stable, integrated and prospering continent of competitive, diversified and sustainably growing economies, participating fully in global trade and investment,” Bank President Akinwumi Adesina said.

Over the past three years, the Bank has funded projects worth US$1.3 billion and regional public goods valued at US$ 187.6 million. The Bank’s policy is to ensure all regional projects allocate 10% of budget to soft infrastructure interventions.

As part of its mandate, the Bank Group continues to lead in several continental wide initiatives targeting both “hard” and “soft” infrastructure (e.g. trade and services facilitation policies and instruments). These initiatives include the Comprehensive Africa Agriculture Development Programme (CAADP), the Programme for Infrastructure Development in Africa (PIDA), and the Boosting Intra-African Trade.

The African Development Bank Group will continue to support and scale up transformative initiatives that seek to boost regional integration. The institution is equally committed to work with stakeholders. RECs need support to deliver on “soft” infrastructure, to harmonize investment and engineering codes, and ensure quality and certification standards.

For Moono Mupotola, Bank Director, Regional Integration “It is imperative to seize this moment and opportunity and call upon all stakeholders taking part in the upcoming African Economic Conference, to dig deep and come up with relevant and effective outcomes that will lead and guide our future actions.”

One key highlight of the conference will be the launch of the Bank’s flagship report, the 2018 Visa Openness Index.  Africa and indeed the global community will be waiting for important outcomes demonstrating how far we have come in the process.

The Bank will be looking to regional experts to determine the best ways to fast-track Africa’s integration. For that to happen, it is imperative to move efficiently and with great speed to address the issue of political will, harmonisation of legislation and non-tariff barriers.

Through all this, the Bank remains optimistic that cooperation through the REC’s is the quickest route to bringing together the 54 fragmented African markets.

And as with Umuganda, the task at hand may be challenging and difficult, but with the entire community united with a common purpose, achieving greater integration is not so far away.

In the words of Bank President Adesina: “We have risen to the challenge and we are on our way!”

25776 in Agency World Toilet Day Tea Cup Picture

Additional Info

  • communiques: Non
  • couleur: N/A
On the same topic
Africa’s instant payment systems processed 64 billion transactions worth $1.98 trillion in 2024, according to AfricaNenda. The continent counted...
EIB and ZICB to mobilize €30M for Zambian agribusiness SMEs 30% of funds reserved for women-led enterprises; €4M risk-sharing...
IFC lends 170 million rand to Lula to boost digital, unsecured SME lending 80% of funds will support micro and small enterprises Deal strengthens a...
Presco launches $164M rights issue to fund expansion, open until Dec. 2 Offer allows shareholders to buy 1 new share for every 6...
Most Read
01

The Bank expects a 41% rise in 2025 and a further 6% increase in 2026. Gold topped $4,00...

World Bank sees precious metal prices staying high until 2027
02

Social media users accuse the UAE of backing Sudan’s RSF militia. Activists and celebrities c...

UAE faces backlash over alleged role in Sudan’s gold and arms trade
03

Launch led by Maroc Telecom, Orange, and Inwi Rollout targets 25% coverage by end-2025 under Digi...

Morocco Launches 5G Nationwide Ahead of 2025 Africa Cup of Nations
04

DRC met Alibaba, Isoftstone to discuss adapting China’s e-commerce model Joint working group ...

DRC in Talks with Alibaba, Isoftstone to Develop a Chinese-Style E-Commerce Model
05

West African officials met in Lomé to improve municipal finances for crisis response Talks focuse...

West African Officials Draft Crisis-Proof Budget Strategy in Lomé
Enter your email to receive our newsletter

Ecofin Agency provides daily coverage of nine key African economic sectors: public management, finance, telecoms, agribusiness, mining, energy, transport, communication, and education.
It also designs and manages specialized media, both online and print, for African institutions and publishers.

SALES & ADVERTISING

regie@agenceecofin.com 
Tél: +41 22 301 96 11 
Mob: +41 78 699 13 72


EDITORIAL
redaction@agenceecofin.com

More information
Team
Publisher

ECOFIN AGENCY

Mediamania Sarl
Rue du Léman, 6
1201 Geneva
Switzerland

 

Ecofin Agency is a sector-focused economic news agency, founded in December 2010. Its web platform was launched in June 2011. ©Mediamania.

 
 

Please publish modules in offcanvas position.