By Francis Ogwo
The Finance Ministers from African Union member-states are set to meet to deliberate on industrialisation as a key ingredient under the African Continental Free Trade Agreement (AfCFTA).
The information was contained in a report by the Economic Commission for Africa (ECA) released on Wednesday.
Reports say the Conference will be a virtual event from 17-23 March 2021, themed “Africa’s sustainable industrialization and diversification in the digital era in the context of coronavirus pandemic (COVID-19).”
UN ECA Director of Regional Integration and Trade, Stephen Karingi was of the view that an industrial policy was vital to maximize the AfCFTA, while adding that African finance ministers would also discuss digital policies that could be integrated with the AfCFTA industrial drive.
“It is crucial that our governments establish institutional arrangements for cooperation on the digital economy, and provisions to support digital capacities and industrialization and connect African businesses,” Karingi said.
“Industrialisation and digitalisation recognize Africa’s desire to industrialize and create jobs for the millions of its populace, in particular the youth joining the labour market annually,” the ECA said.
The ECA added that Africa needed to implement policies that required inclusive growth in all capacities, factoring in better use of natural resources and climate change, citing that an eco-friendly solution towards industrialization would create 170 million new jobs in Africa between 2020 and 2030.
In November 2020, African Finance Ministers in partnership with the Specialised Committee on Finance, Monetary Affairs, Economic Planning and Integration discussed the launch of a payment system for the African Continental Free Trade Area (AfCFTA).
