The African Union (AU) recently concluded its 6th Mid-Year Coordination Meeting (MYCM) on July 22, 2024. Heads of State and Government, representing the Bureau of the Assembly of the AU and Chairpersons of the Eight Regional Economic Communities (RECs), along with Regional Mechanisms (RMs), adopted a Declaration that underscores the need to promote cooperation aimed at improving the standard of living for African citizens, maintaining and enhancing economic stability, fostering close and peaceful relations among Member States, and harmonizing national and regional policies to contribute to the development and economic integration of the continent.
The Heads of State and Government called upon Member States, the AU Commission, RECs, RMs, and AUDA-NEPAD to strengthen their collaboration in the implementation of the African Integration Agenda. They emphasized the role of member states in allocating adequate financial resources to ensure the effective implementation of this agenda. The meeting also endorsed recommendations on accelerating the establishment of the African Union Financial Institutions (AUFIs) and scaling up interoperability for economic integration using mobile money across Africa.
H.E. Mohamed Ould Cheikh Ghazouani, President of the Islamic Republic of Mauritania, and Chair of the African Union, highlighted the importance of integrating national development plans into continental programs to ensure better integration and promote Africa’s unified voice on the global stage. “This ensures a better integration of the continent and promotes the uniqueness of its voice at the global level,” he said, emphasizing the importance of strategic planning and operationalization of critical continental infrastructure such as regional power pools, transmission lines, and digital and transport infrastructure.
H.E. Nana Akufo-Addo, President of the Republic of Ghana, and the AU Champion on AU Financial Institutions, underscored the urgency to consolidate fragmented financial instruments to accelerate Africa’s development agenda. He proposed that African countries deposit 30% of their sovereign reserves into African multinational banks to heighten self-reliance and reinforce the capacity of African financial institutions.
To address security lapses, the President called for comprehensive strategies to enhance regional security cooperation, strengthen counter-terrorism efforts, and support conflict resolution initiatives. “We must address the pressing security issues in Sudan, the rampant terrorism in the Sahel, the ongoing struggles in the Horn of Africa, and the continuing conflict in the Democratic Republic of Congo,” he stated.
H.E. Moussa Faki Mahamat, Chairperson of the African Union Commission, reiterated the potential of the African Continental Free Trade Area (AfCFTA) as an engine for growth and economic diversification. He emphasized the importance of speaking with one voice at major international forums such as the G20 to address strategic issues like the reform of international financial institutions, climate change, and the energy transition.
The AU Peace Fund also received substantial financial contributions from the African private sector, including AfreximBank, Ethiopian Airlines, Standard Chartered Bank, the African Development Bank, and the Tony Elumelu Foundation, reaching the goal of USD 400 million.
Source: Africa Union
