The African Union (AU) has renewed its push for a financially sovereign and economically integrated Africa, as the 61st African Development Bank (AfDB) Annual Meetings opened in Brazzaville, Republic of Congo.
Opening the meeting, the Deputy Chairperson of the African Union Commission, Ambassador Selma Malika Haddadi, who represented AU Commission Chairperson Mahmoud Ali Youssouf, said Africa must urgently mobilise development financing at scale to respond to growing global economic challenges.
She said the continent is meeting at a “defining moment”, stressing that the theme for this year’s gathering — Mobilising Africa’s Development Financing at Scale in a Fragmented World — is both timely and necessary.
The AU highlighted ongoing reforms aimed at strengthening Africa’s financial independence, including the establishment of the African Credit Rating Agency (AfCRA), which it described as a landmark step to address long-standing concerns about bias in global credit rating systems.
The continental body also outlined progress towards operationalising African financial institutions, including work on the African Monetary Institute, which is expected to serve as a precursor to the African Central Bank.
It further referenced efforts to develop a Common African Position on debt, while expanding the use of domestic capital mobilisation tools such as pension funds, diaspora bonds and green bonds.
Ambassador Haddadi said Africa stands at a critical crossroads, noting that while the continent’s potential remains significant, there is an urgent need to translate that potential into sustainable development outcomes through coordinated financing strategies.
She urged African leaders and stakeholders to leave Brazzaville with renewed commitment to scaling up development finance and strengthening the continent’s economic resilience.
