Tony Obiechina, Abuja
The 2024 African Caucus Meeting of Governors of the International Monetary Fund (IMF) and the World Bank Group (WBG) which kicked off in Abuja, from August 1 – 3, 2024, ended at the weekend.
The three-day event declared open by President Bola Tinubu, represented by Senator Kashim Shettima, the Vice President of Nigeria, attracted Ministers and Governors of Central Banks from 50 African Countries including Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Wale Edun; the CBN Governor Olayemi Cardoso and the Deputy Secretary General of the United Nations, Mrs Amina Mohammed.
In a statement by Finance ministry Director of Information and Public Relations Mohammed Manga on Sunday, the meeting noted that trade could stimulate economic growth by creating opportunities for increased production, investment, and job creation.
It also provides access to larger markets, new technologies, and capital. The African Continental Free Trade Area (AfCFTA) aims to promote trade among African countries by reducing trade barriers, harmonising regulations, and facilitating the movement of goods and services within the continent.
The Governors underlined four key pathways to boosting intra-Africa trade, namely: strengthening pan African payment ecosystem, enhancing energy access, affordability, and connectivity; leveraging partnerships with MDBs, and reforming global financial architecture.
The Caucus also called on the IMF and World Bank Group to ensure that their support to member countries continues to be guided by principles of balance and evenhandedness, and consistent with their own policies, noting that these considerations are all the more important at a time when countries are being assailed by adverse exogenous shocks and facing immense financing needs.
The gathering took place amid a synchronised global economic slowdown, with global GDP growth decelerating due to monetary tightening in developing countries and disruptions in global supply chains, exacerbated by geopolitical tensions, including the Ukraine and Palestinian crises.
“These factors further strain development prospects. Despite Africa’s remarkable resilience, evidenced by its GDP growth, intra-African trade remains relatively low, accounting for only about 14.4% of total African exports.
“The Caucus reiterated the call of Heads of State to donor countries for an ambitious and robust IDA21 replenishment at a US$120 billion target to combat persistent and emerging challenges such as climate change, food insecurity, energy deficit, and fragility.
“The outcomes of this 2024 African Caucus deliberations will be summarized in a Memorandum to be delivered to the Heads of the BWIs, in October 2024, during the Annual Meetings of the IMF and the WBG, in Washington, USA”, the statement added. READ ALSO:
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The African Caucus was established in 1963 to strengthen the voice of African Governors to the issues of mutual interest for Africa. Membership of the Caucus is open to all African countries that are members of the African Union (AU). Currently, all 54 African countries are members of the IMF and WBG.
The countries are represented by their respective Ministers of Finance and Governors of the Central Bank or by other officials designated as such by the governments. They are called African Governors for the IMF and the WBG.
