African Governor’s&Finance Minister’s Conference Addresses Climate & Innovation

The recent African Central Bank Governor’s and Ministers of Finance and Economic Development conference held in Victoria falls from the 28th Of February closed yesterday with the Governor’s of African Apex Bank and their Minister’s of Finance addressing climate related challenges, also adding this year’s theme which provided a platform to proffer strategies and actions for leveraging public and private sector investment, sustainable debt practices and innovative financing tools.

“As discussed in both the expert and the ministerial segments of our meeting, economic growth in Africa remained subdued in 2023, amid tight monetary policies, low demand for African exports and global factors such as the geopolitical tensions, leading to elevated food and fuel costs, as well as limited fiscal space,” Minister of Finance Prof Mthuli Ncube said in an exclusive zoom meeting TechnoMag took part of.

“This is also being compounded by the imposition of unilateral sanctions on some African member states by the developed world.

“The conference explored policy options that encompass reforming the global financial architecture, boosting private sector participation, exploring innovative financing tools, implementing the African Continental Free Trade Area (AfCFTA) and fostering regional and global cooperative initiatives to drive climate resilience and sustainable development across the continent.”

Reserve Bank of Zimbabwe Governor Dr John Panonetsa Mangudya and Prof Ncube echoed that while the continent faces formidable challenges, such challenges come with opportunities to reshape Africa’s destiny, to forge ahead with bold solutions and to redefine Africa’s narrative.

They called on delegates to focus on delivery and concrete actions such as rolling out structural reforms that breathe life into economies, fortify resilience and empower effective fiscal policies; turbocharge regional integration efforts, rallying behind initiatives such as the AfCFTA and the Programme for Infrastructure Development in Africa (PIDA), and lead the charge towards an inclusive green transition, embracing renewable energy solutions and sustainable resource management practice.