Staff Reporter
Minister of Finance and Economic Development, Professor Mthuli Ncube, reassured a press conference in South Africa that Zimbabwe was ready to host the 56th Session of the Economic Commission African (ECA) Conference of African Ministers of Finance, Planning and Economic Development.
Prof Ncube co-addressed the media together with Executive Secretary of United Nations Economic Commission for Africa, Claver Gatete, speaking to collaborative efforts in crafting economic solutions for African nations to manage debt, foster necessary technologies and collectively lobby for the re-engineering of the architecture of the international monetary institutions for the beneficiation of Africa.
Furnishing on the Conference that is set to take place in Victoria Falls from the 28th of February to 5 March 2023, Prof Ncube indicated that the venue dovetailed the theme for the event ‘Financing the transition to inclusive green economies in Africa: imperatives, opportunities and policy options.’ He remarked that Zimbabwe was endowed with natural resources, particularly the majestic Victoria Falls whose command of tourists qualified it as one of World’s wonders.
“To this effect, Zimbabwe will showcase its resources, and it collaborates with the theme. Victoria Falls was not a mistake but speaks to the green economy also,’ said Prof Ncube.
Prof Ncube who was named Africa’s best Finance Minister for the year 2023 observed that the conference would be Africa’s chance to cross pollinate ideas that could catapult the continent into self-sustenance. He pointed out that there was need for deliberation on increased and robust domestic resource mobilization, digitization, turning of the informal sector to a formal one, discussions on introducing collaborative taxes and reflecting on capital money by African governments in a bid to create access and corridors of funds for the private sector.
Gatete on the other hand, echoed Prof Mthuli’s clarion call for the re-engineering of international monetary institutions making reference to the drawing rights stating that out of the US$600 billion budget, only US$34 billion accounting for only 4 percent was allocated to African nations. Prof Ncube had noted that there was need to look at governance issues of these institutions so that they leverage and balance the sovereignty and support to African countries meaningfully.
Prof Mthuli and Gatete sang from the same hymn concurring that the drawing rights had a direct bearing on debt management by African states. An impression is however, created that the buxom of the moneys always found its way back to the pockets of developed nation states.
