Africa: Forum Roots for Regional Integration
By News From Africa
Port-Louis, Recognising economic integration as a crucial step towards the further development of African economies, participants outlined an action plan to take this agenda forward.
Leaders were challenged to think boldly, stop debating and start acting. All stakeholders must be held accountable for implementation through continued measurement and assessment of concrete results.
Participants agreed that African money was and could be made available to further integration, particularly in the case of infrastructure projects. Africa’s untapped wealth of natural resources was seen to be a key creator of wealth. High commodity prices and growing demand will fuel unprecedented opportunities for exploiting these vast reserves. Pension funds can also be made use of provided they are invested across the continent.
A pan-African stock exchange was called for, to create engines of investment and provide the private sector a means of realising their investments. There was a call to move beyond the rhetoric of breaking down barriers to trade and existing aid paradigms. Instead it is time to push leaders to offer the visionary leadership needed to prioritise projects and create innovative financial instruments, such as infrastructure bonds, in order to implement programmes for greater integration.
The media was seen to be a strategic partner to create demand for greater integration by educating people about its benefits. The national prioritisation of regional economic integration, as is the case in Europe, is vital. This must come from the private sector and business leaders who already measure opportunities and potential and know that economies of scale, which can be achieved through integration, are critical to further development.
The diversity of African people, and youth of the continent’s population, is an untapped resource that should be provided with opportunities to grow into a skilled and productive workforce.
Frameworks are needed for engagement with external partners so that Africans extract the greatest value out of these partnerships.
Assessment of progress towards greater integration is a cornerstone for any future programmes and plans. The Ibrahim Index of African Governance, compiled by the Mo Ibrahim Foundation, will look to include these measures in the future but an independent common assessment mechanism is essential.
Dr Mo Ibrahim, Founder and Chair of the Mo Ibrahim Foundation, challenged African leaders to adopt a more ambitious agenda to further regional economic integration. He said, “Building regional economic integration must be underlined by principles of governance, transparency and accountability delivered by leaders bold enough to have a vision of a shared future.”
Opening the Forum, the Honourable Dr Navinchandra Ramgoolam, and Prime Minister of the Republic of Mauritius said, “We firmly believe in the vision of a vibrant and modern African continent. Today, Africa is poised for what may be the most buoyant years in its recent economic history – provided we do what is necessary to make our economies perform better at national and regional levels.”
The Coalition for Dialogue on Africa (CoDA) will now be key in advancing this agenda. CoDA will hold a meeting in Addis Ababa at the African Union Summit this January in order to ensure that the integration agenda is owned by the people and converges with their plans and priorities. Resources from the Forum are available at www.moibrahimfoundation.org/forum-media.