Innovation is key to mobilising resources for African Development, says Finance Minister
The Minister for Finance, Trade and Blue Economy spoke of the importance of innovative thinking when addressing African development objectives in Agenda 2063, ‘The Africa We Want’ while addressing the Eight Joint Annual Meeting of the African Union Specialized Technical Committee on Finance, Monetary Affairs, Economic Planning and Integration and the Economic Commission for Africa Conference of African Ministers of Finance, Planning and Economic Development being held in Addis Ababa this week.
Minister Jean-Paul Adam said that pioneering initiatives are particularly important in promoting climate resilience as an intricate link to sustainability, and the move away from the current trend of focusing on extractive industries.
“Agenda 2063 is for us about the transformation of Africa by Africans. Thus in every challenge- we must seize the opportunity.
“Based on our level of ambition in Agenda 2063, mobilising resources and financing may to some seem insurmountable. But by embracing innovation and embracing Africa to Africa partnerships, we believe that our ambitions can be achieved.”
The Minister cited Seychelles’ landmark debt swap deal with the Paris Club of creditors as an example of innovative approaches to reducing debt and financing development. The landmark swap deal agreed that USD 30 million of Seychelles debt was to be put into a special trust fund to manage marine protected areas and boost economic opportunities in related areas such as eco-tourism and sustainable fishing.
The Blue Economy, a central pillar of Agenda 2063, is one key area further highlighted by the Minister where innovative thinking will drive economic transformation for Africa:
“The Blue Economy represents a new frontier which as yet remains relatively undeveloped… We strongly endorse the proposed ten-year plan to help mobilise Africa’s blue revolution and promote inclusive growth. The Blue Economy allows us to tap into growth sectors which as yet remain untapped and will ensure the acceleration of our continent’s development.”
The Conference, convened at the United Nations Conference Centre, has gathered African Ministers of Finance under the theme ‘Implementing Agenda 2063 - Planning, Mobilizing and Financing for Development’30-31 March 2015.
Key on their agenda is the review of the ‘First Ten Year Implementation Plan 2014-2023’ where issues of domestication and financing of Agenda 2063 will be discussed. The First Ten Year Implementation Plan is expected to be adopted by African Heads of State at the next African Union Summit to be held in South Africa in June later this year.
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