As the Global South gains influence, Africa is charting a new path toward financial sovereignty, shifting away from dependence on foreign aid, said African Union Commission Chairperson Mahmoud Ali Youssouf.
Speaking at the 7th Mid-Year Coordination Meeting of the African Union in Malabo, Chairperson Mahmoud Ali Youssouf emphasized that the Global South, including Africa, is building resilience against perpetual aid reliance and external control.
Asia has taken off long time ago and Africa is redefining a new path toward greater financial sovereignty, away from the perpetual resort to international aid, he stated.
Youssouf pointed out that the continent loses an estimated 100 billion USD annually through illicit financial flows, which significantly undermines Africa’s economic development. He urged African nations to implement more effective mechanisms to combat this outflow.
He also highlighted the continent’s wealth in natural resources, noting that Africa holds 50 percent of the world’s manganese reserves, 80 percent of its platinum, 47 percent of cobalt, as well as vast oil and gas resources.
“These are strategic resources. Our countries are committed to transforming these raw materials–Copper in Zambia, phosphate in Morocco, textiles in Ethiopia, precious stones in Botswana, and others,” he said.
The Chairperson projected a significant role for the continent in the global economy. “Africa in the near future, will become the main driver of global growth,” he pronounced.
According to Youssouf, Africa’s future requires bold positioning through accelerated regional integration. Strong cooperation among nations is essential to realize the African single market in the short term and to implement a single currency over the long term, he stressed.
Youssouf identified the African Continental Free Trade Area (AfCFTA) as the foundation for boosting intra-African trade.
“By 2035, it expected intra-African trade to grow by more than 50 percent. However, it is essential that we continue to work on lifting tariff and non-tariff barriers,” the Chairperson said.