Latest news with #EconomicCommissionforAfrica
eNCA
25-05-2025
- Business
- eNCA
Africa's best brands unveiled
JOHANNESBURG - This week, Brand Africa, in partnership with African Business and the Economic Commission for Africa, unveiled the results of the 15th annual Brand Africa 100, ranking the best Brands on the continent. The 2025 rankings reveal a stark disconnect between rising African optimism and declining brand loyalty. According to Brand Expert, Thebe Ikalafeng, if Africa had positive brands, which create a positive image of the continent, we'd be spending less on debt.
Zawya
29-04-2025
- Business
- Zawya
Ethiopia: Chinese Language Day marked with a focus on harmony in diversity and global understanding
The Economic Commission for Africa (ECA), in partnership with the Embassy of the People's Republic of China to Ethiopia and the Mission of China to the African Union and ECA, commemorated Chinese Language Day with a vibrant celebration at the Economic Commission for Africa (ECA), Conference Centre in Addis Ababa. The event highlighted the Chinese language as a powerful vehicle for cross-cultural understanding, dialogue, and heritage preservation. The observance forms part of the UN's global initiative to promote multilingualism and cultural diversity across its operations. Chinese, one of the UN's six official languages, was at the heart of the day's celebration, which drew diplomats, educators, cultural experts, and UN staff. In her opening remarks, Ms. Mai-Ellen Jarrett, Acting Director of ECA's Administration Division, underscored the strategic value of multilingualism in advancing the UN's mission, stating: 'Chinese is not just a language; it is a living testament to 5,000 years of civilization—a bridge linking cultures and fostering shared humanity.' Mr. Hu Changchun, Head of the Chinese Mission to the African Union (AU) and Economic Commission for Africa (ECA), reflected on Mandarin's growing influence in diplomacy, trade, and global innovation, noting that it is spoken by over 1.3 billion people worldwide. Ms. Rita Bisoonauth, Director of UNESCO's Liaison Office to the African Union (AU) and Economic Commission for Africa (ECA), added: 'Chinese, with its rich script and philosophical depth, offers a unique lens to view the world—one rooted in harmony, respect, and collective progress.' The celebration also included interactive calligraphy workshops highlighting the UNESCO-recognized art of shūfǎ, demonstrations of traditional Chinese medicine practices, and poetry recitations that brought both classical and contemporary Chinese literature to life. A keynote address by Professor Li Wei, an internationally renowned linguist, explored the theme 'Harmony in Diversity: Chinese as a Catalyst for Global Understanding.' His remarks emphasized the role of language as both a cultural asset and a means for international cooperation. In his closing remarks, Mr. Marcel Bolboaca, Chief of ECA's Publications, Conferences, and Knowledge Management Division, called on participants to champion the preservation of linguistic heritage: 'Languages like Chinese are threads in humanity's tapestry. By preserving them, we honor our past and equip future generations to build a more inclusive world.' The event concluded with a reception, where guests further celebrated Chinese culture through music, cuisine, and informal dialogue, reinforcing the day's message of togetherness through language. Distributed by APO Group on behalf of United Nations Economic Commission for Africa (ECA).
Zawya
15-03-2025
- Business
- Zawya
Sub-regional development banks urged to scale up financing to accelerate Africa's development
The role of sub-regional multilateral development banks (MDBs) in advancing Africa's development objectives took center stage during a high-level panel discussion held on the sidelines of the Fifty-Seventh Session of the Economic Commission for Africa (ECA) Conference of African Ministers of Finance, Planning, and Economic Development (COM2025). The event, convened under the theme "The Role of Sub-Regional Multilateral Development Banks in Delivering on Africa's Development Objectives," brought together policymakers, economists, and financial leaders to assess how MDBs can enhance their capacity to mobilize resources, attract private sector investment, and strengthen their contribution to regional integration and economic transformation. The session featured interventions from Ms. Hanan Morsy, Chief Economist and Deputy Executive Secretary of ECA; Mr. Admassu Tadesse, President and CEO of the Trade and Development Bank; and Ms. Fatima Elsheikh, Secretary General of the Arab Bank for Economic Development in Africa (BADEA). The panel, moderated by Hopestone Chavula, Chief a.i of the Macroeconomic Analysis Section of the ECA, explored solutions to the persistent financing constraints faced by MDBs, as well as opportunities to expand their role in supporting the implementation of the African Continental Free Trade Area (AfCFTA) and broader sustainable development initiatives. In her remarks, Ms. Hanan Morsy underscored the critical role of sub-regional MDBs in bridging Africa's financing gap and addressing structural barriers to economic growth. She emphasized that MDBs must be empowered to mobilize long-term resources and provide more affordable financing to African economies, particularly in light of the tightening global financial conditions and declining flows of development assistance. She further highlighted the need for reforming the global financial architecture to create a more equitable system that allows African MDBs to access financing on favorable terms. Discussions also focused on the potential of Special Drawing Rights (SDRs) reallocation as a means of strengthening MDBs' capital base and expanding concessional lending to African countries. A key aspect of the discussions was the role of MDBs in supporting Africa's integration agenda, particularly through the implementation of the African Continental Free Trade Area (AfCFTA). Mr. Admassu Tadesse noted that trade-enabling infrastructure remains a major constraint to intra-African trade and industrialization, and MDBs must scale up investments in transport corridors, logistics, energy infrastructure, and digital connectivity to facilitate cross-border trade. Ms. Fatima Elsheikh reflected on the structural limitations that constrain MDBs from playing a more transformative role in Africa's development. She pointed to the overwhelming reliance on low-income shareholders, limited callable capital, and the high cost of borrowing as key challenges that must be addressed to enable MDBs to scale up their financing capacity. The panelists also discussed the need for greater alignment between MDBs and continental development priorities, including Agenda 2063 and the 2030 Agenda for Sustainable Development. They emphasized that MDBs must adopt more agile financing mechanisms and strengthen their partnerships with global development finance institutions to ensure sustainable and inclusive growth across the region. Distributed by APO Group on behalf of United Nations Economic Commission for Africa (ECA).
Russia Today
13-02-2025
- Business
- Russia Today
Global financial system outdated and unjust
The head of the UN's Economic Commission for Africa, Claver Gatete, has described the current global financial infrastructure as outdated and unjust and called for reforms to address the economic disparities affecting Africa. Gatete, who hails from Rwanda, made the remarks during the 46th Ordinary Session of the African Union's Executive Council in Addis Ababa on Wednesday. 'The current global financial architecture is outdated, inequitable and unjust and must be reformed to be fit for purpose. We must advocate for debt restructuring that allows African nations to invest in their people and development instead of paying exorbitant interest rates,' the executive secretary noted. Gatete pointed out that despite Africa possessing 30% of the world's mineral reserves, including 40% of its gold and up to 90% of its chromium and platinum, the continent accounts for less than 3% of global trade and only 1% of global manufacturing output. He also noted that in 2023, intra-African trade stood at just 16%, compared to intra-European trade at 68%. Gatete emphasized that 'these disparities are not due to a lack of economic potential but to entrenched structural barriers that keep Africa in a cycle of economic dependency.' READ MORE: Here's what NATO really fears in Africa The UN official highlighted the injustice in Africa's representation in international financial institutions, stating that the entire continent, with its 54 nations, has an International Monetary Fund (IMF) shareholding equal to that of Germany. Gatete also addressed the issue of Africa's credit ratings, noting that only two African countries – Botswana and Mauritius – hold investment-grade ratings, 'while others, despite sound economic fundamentals, are burdened with high-risk labels.' He further pointed out that although Africa has contributed the least to climate change, it suffers the most from its effects, with climate change costing Africa an estimated up to 5% of GDP. To address these issues, Gatete proposed a number of areas for action, including reforming the current global financial architecture, restructuring debt, and reforms to international financial institutions to ensure that Africa has a stronger voice in shaping global economic policies. He also stressed the importance of creating an African-led credit rating agency to provide fair evaluations that accurately represent the continent's economic realities. READ MORE: Africa will have permanent Security Council seats – UN chief Last August, UN Secretary-General Antonio Guterres called for reforms to the Security Council, calling its current structure outdated. He stated that 'Africa is under-represented in global governance structures – from the Security Council to international financial institutions – but over-represented in the very challenges these structures are designed to address. Conflicts, emergencies, and geopolitical divisions have an outsized impact on African countries.'
