ADDIS ABABA, Ethiopia, 14 March 2025 -/African Media Agency(AMA)/- head of next week’s 2025 Conference of African Ministers of Finance, Planning and Economic Development, a Committee of Experts has assembled at the UN Conference Centre in Addis Ababa for a three-day preparatory technical meeting to review the state of economic and social development in Africa and consider progress towards regional integration. The theme of this year’s Conference of Ministers is “Advancing the implementation of the Agreement Establishing the African Continental Free Trade Area: proposing transformative strategic actions”.
The Committee, which holds from 12-14 March, will also consider statutory issues relating to the work of the Economic Commission for Africa (ECA) and make recommendations, as appropriate, for consideration by the African ministers of finance, planning and economic development during the ministerial segment on 17-18 March.
Opening the expert’s segment, Ethiopia’s State Minister of Finance, Semereta Sewasew said the theme of this year’s conference of ministers underscores the urgency of unlocking the continent’s economic potential through enhanced intra-African trade. She stressed that the AfCFTA is more than just a legal framework; it is a transformative initiative designed to deepen Africa’s economic ties. By facilitating trade, harmonizing policies, and dismantling barriers, the agreement aims to foster industrialization, job creation, and poverty alleviation, which are vital to achieving the goals laid out in Agenda 2063, Africa’s blueprint for sustainable development.
Minister Sewasew noted that despite the ambitious objective of the AfCFTA, infrastructure gaps, financing constraints, and varying capacities among member states pose significant hurdles to its implementation. She called upon the delegates to propose actionable recommendations to ensure the AfCFTA translates into tangible progress, especially for women, youth, and small and medium enterprises, which are critical to Africa’s economic backbone.
She also highlighted Ethiopia’s commitment to regional integration through substantial investments in infrastructure, such as the Addis Ababa-Djibouti railway, which strengthens trade links across the Horn of Africa. Additionally, Ethiopia’s energy resources, particularly from the Grand Ethiopian Renaissance Dam, position the country as a leader in regional energy cooperation.
For his part, Antonio Pedro, Deputy Executive Secretary of the ECA, highlighted the AfCFTA’s role as a development blueprint and a political platform for Africa to assert its collective interests on the global stage. He called for a re-evaluation of Africa’s import dependencies, urging member states to leverage local production capabilities for commodities like fertilizers and refined petroleum.
Mr. Pedro noted that intra-African trade remains low, accounting for only 14.4% of total trade on the continent and said that the AfCFTA presents a unique opportunity to enhance trade within Africa, projecting that intra-African trade could increase by 45% by 2045 if tariffs and non-tariff barriers are reduced.
He stressed the essential role of infrastructure development in realizing the AfCFTA’s potential saying that an estimated $ USD 411 billion is needed for transport infrastructure to support increased trade, including investments in railways, vessels, and trucks.
The outgoing Chair of the Conference of African Ministers from Zimbabwe noted progress made by the ECA over the last year in supporting member states in areas such as macroeconomic stability, development planning, and industrialization. He reaffirmed the commitment to building on these achievements and advocating for a fair global financial system as Africa seeks to transform its economies through the AfCFTA.
The Conference serves as one of the premier forums for dialogue and the exchange of views among African ministers responsible for finance, planning and economic development and governors of central banks on issues pertinent to the continent’s development agenda.
Side Events:
Role of subregional multilateral development banks in delivering on African development objectives
Distributed by African Media Agency. on behalf of Communications Section Economic Commission for Africa
More on the Conference of Ministers: https://www.uneca.org/eca-events/cfm2025/overview
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Source : African Media Agency (AMA)
