Latest news with #Gatete
The Star
24-05-2025
- Business
- The Star
UNECA chief urges African brands to boost global visibility
ADDIS ABABA, May 24 (Xinhua) -- Executive Secretary of the United Nations Economic Commission for Africa (UNECA) Claver Gatete has called on African countries and businesses to intensify efforts to enhance the global visibility and competitiveness of African brands. Gatete made the call on Friday during the unveiling of the "Brand Africa 100: Africa's Best Brands 2025" ranking in Addis Ababa, Ethiopia's capital, which highlighted the continent's most admired brands. With Africa's rising middle class propelling the continent's consumer market, which is projected to surpass 2.2 trillion U.S. dollars by 2030, Africa's branding story is equally diverse and dynamic across the continent, Gatete said. He cited examples of African innovation and value addition: Ghana and Cote d'Ivoire in cocoa processing, Kenya in mobile banking, Nigeria's creative industries, Rwanda's green transformation initiatives, and South Africa's industrial base. Gatete underscored the continent's demographic advantage, with more than 70 percent of its population under the age of 35, calling it "far-reaching implications" for sustainable development. Despite this potential, he acknowledged that only a handful of African brands have achieved meaningful global visibility, a challenge that must be addressed through coordinated action. To address the challenge, Gatete proposed five strategic pathways to integrate authentic African brands into the continent's broader development agenda and enhance their international competitiveness. "It is imperative that we keep in mind that what defines a brand is not merely a logo or a slogan. An authentic African brand must straddle the embodiment of Africa's stories, culture, and aspirations," he said. Jointly organized by Brand Africa, UNECA, and African Business, the Africa's Best Brands 2025 ranking was determined through a comprehensive survey conducted in 31 countries.
IOL News
02-05-2025
- Business
- IOL News
African nations seek fair credit ratings at pivotal Washington dialogue
Claver Gatete, executive secretary of the ECA, expressed concern over Africa's 'financing paradox'—with a collective GDP exceeding $3 trillion yet only two nations holding investment-grade ratings. African countries have started a dialogue with major credit ratings agencies seeking a fair and just systematic ratings to their sovereign credit statuses in a bid to reshape the continent's financial landscape. This comes afte a pivotal dialogue convened in Washington, uniting African institutions and global credit rating agencies to explore the creation of a fair and inclusive credit rating ecosystem tailored for Africa amid rising market volatility and sovereign defaults. This engagement, which unfolded on the sidelines of the 2025 IMF–World Bank Spring Meetings, has marked a significant step toward addressing the myriad challenges faced by African economies in the global financial landscape. With South Africa chairing the G20 and the African Union expecting permanent status in 2025, the urgency for an African-led credit rating solution is more pressing than ever. The outcomes of this dialogue herald an opportunity not only for reform but to ensure that Africa's financial strategies more effectively meet its developmental aspirations. With over 30 African countries currently assessed by sovereign credit ratings, the influence of global rating agencies on debt sustainability and access to financial markets cannot be overstated. Organised by a consortium including the African Peer Review Mechanism (APRM), the United Nations Development Programme (UNDP), the United Nations Economic Commission for Africa (ECA), AfriCatalyst, and the African Center for Economic Transformation (ACET), the dialogue featured leading representatives from credit rating giants like Moody's, S&P, and Bank of America. Claver Gatete, executive secretary of the ECA, expressed concern over Africa's 'financing paradox'—with a collective GDP exceeding $3 trillion yet only two nations holding investment-grade ratings. 'Ultimately, a healthy credit rating ecosystem goes beyond evaluating risk – it becomes a platform for mobilizing capital, improving creditworthiness, and supporting Africa's broader development goals,' Gatete said. Providing insight into the complexity of credit ratings, Raymond Gilpin, chief economist for UNDP Africa, stressed the necessity for a development-centric approach that enhances data systems and cultivates stronger relationships between African governments and the 'big three' rating agencies. 'We must rethink how creditworthiness is defined and measured,' he said. 'At UNDP, we believe a development-centric approach is essential to supporting governments in strengthening institutions, improving data systems, and engaging effectively with credit rating agencies to reshape the narrative around Africa's creditworthiness.' Challenges plaguing African economies were laid bare by experts Misheck Mutize and Zuzana Schwidrowski, who identified data gaps, methodological opacities, and the lack of engagement between African administrations and credit rating firms as barriers to fair assessments. They proposed that empowering African governments with tools to contend with inaccurate ratings is crucial and discussed the establishment of an African Credit Rating Agency (AfCRA) to serve as a complement to existing international frameworks. A robust discussions arose regarding potential solutions, spearheaded by Roberto Sifon-Arevelo of S&P Global Ratings, Jorge Valez from Moody's Ratings, and Bank of America's Tatonga Rusike. They were united in a vision to tackle long-standing perceptions of risk by enhancing transparency and collaborating with local banks and investors to better understand rating methodologies. They further emphasized that while sovereign credit ratings were not the sole determinant of investor decisions, they exerted significant influence over borrowing costs, market confidence, and access to capital, highlighting the intricate relationship between perceptions and actual economic conditions. Mavis Owusu-Gyamfi, President and CEO of ACET, echoed the sentiment of urgency, pointing to the ongoing challenges that African governments face in managing costs and access to capital. 'Given the ongoing stress in African governments related to both cost of capital and access to capital it is critical to ensure that credit ratings reflect the many different African contexts. This initiative is an important step in that regard - particularly engaging the credit rating agencies,' she said. In a bid to enhance representation within global financial frameworks, Mutize clarified that the e Africa Credit Rating Agency (AfCRA) would not merely provide favourable ratings for African entities but would contribute to a diversity of assessments of African sovereigns, corporates, and sub-sovereigns. 'Our priority is to build a credible, independent, and sustainable institution that plays a vital role in developing domestic debt markets and rebalancing Africa's position within the evolving global financial architecture,' Mutize said. As the dialogue concluded, Daouda Sembene, CEO of AfriCatalyst, emphasised the critical need for collaboration among African institutions to achieve the reform objectives set out. 'AfriCatalyst is proud to be at the heart of this critical dialogue, building on the foundation of our Credit Ratings Initiative with UNDP. We are optimistic that through stronger collaboration between African institutions and global rating agencies, we can foster a more accurate, robust, and representative credit rating ecosystem—one that empowers African nations and promotes sustainable growth,' said Daouda. BUSINESS REPORT
Zawya
25-04-2025
- Business
- Zawya
In an age of uncertainty, Africa needs to lean towards resilience, inclusion, and transformation – Economic Commission for Africa (ECA) Chief
During an African Consultative Group meeting with IMF Managing Director Kristalina Georgieva organised on the margins of the IMF-World Bank Spring Meetings, Claver Gatete, Executive Secretary of the Economic Commission for Africa (ECA), discussed the pressing economic, social, and geopolitical challenges facing the continent. In his remarks, Gatete emphasised that African economies are currently navigating a complex landscape characterised by persistent funding shortages, trade disruptions, and escalating debt vulnerabilities. "We are meeting at a critical time of profound uncertainty," he stated, underscoring the intertwined nature of the obstacles confronting African nations. Mr. Gatete recognized the progress made by the IMF in implementing recommendations from the Africa High-level Working Group on the Global Financial Architecture, saying, 'We note the reforms to the Resilience and Sustainability Fund to have more catalytical role in attracting additional finance, broadening scope to include pandemic preparedness, strengthening collaboration with MDBs and streamlining programme reform measures.' Additionally, he commended the IMF for maintaining higher General Resources Account (GRA) access limits and for the advancements made in reforming IMF Arrears Policy during debt restructuring. However, he stressed that more action is required to address the continent's challenges effectively. Mr. Gatete highlighted some key priorities emanating from the recent ECA Conference of Ministers of Finance, Economic Development and Planning, noting their centrality in steering Africa toward resilience, inclusion, and transformation. He highlighted the urgent implementation of the African Continental Free Trade Area (AfCFTA), which aims to create a unified market across African nations and the need to build competitive, climate-smart, and digitally enabled regional value chains while harmonising industrial policies and improving infrastructure and logistics. To mobilise domestic resources, Mr. Gatete emphasised the need to enhance tax revenue collection through digitalisation, broadening the tax base, and improving tax administration. He also highlighted the necessity of combating illicit financial flows and revenue leakages while developing domestic financial markets. Lastly, Mr. Gatete reiterated the need to advance Global Financial Architecture Reform to ensure Africa's adequate representation and voice in global decision-making processes. He also stressed the need to align common positions in key global platforms, such as the G20, Financing for Development (FfD4), and the UN Tax Convention. Underscoring the importance of collaborative efforts required to navigate current complex challenges, Mr. Gatete expressed his commitment to partnering with the IMF and other stakeholders to secure meaningful reforms in these areas. "ECA remains your committed partner in this journey,' he affirmed. Distributed by APO Group on behalf of United Nations Economic Commission for Africa (ECA).
Zawya
11-04-2025
- Business
- Zawya
Uganda's innovations and value chains take centre stage at The Eleventh Session of the Africa Regional Forum on Sustainable Development (ARFSD11) knowledge fair
The Eleventh Session of the Africa Regional Forum on Sustainable Development (ARFSD-11) was marked by a vibrant Knowledge Fair and Exhibition jointly organized by the United Nations Agencies, Funds and Programmes and coordinated by the Knowledge Management team of ECA and the Government of Uganda. The Knowledge Fair was officially opened by the new chair of the ARFD Bureau, Justine Lumumba Kasule, Minister of General Duties in the Office of the Prime Minister of Uganda and Mr. Claver Gatete, Executive Secretary of the ECA. The Fair brought together a wide array of exhibitors showcasing tangible success stories aligned with the five focus Sustainable Development Goals (SDGs) of ARFSD-11: SDG 3 (Good Health and Well-being), SDG 5 (Gender Equality), SDG 8 (Decent Work and Economic Growth), SDG 14 (Life Below Water), and SDG 17 (Partnerships for the Goals). Exhibitors included United Nations entities, the Science and Technology Department of Uganda, and a range of innovators from the informal and private sectors. A highlight of the exhibition was the " Making Uganda the Best" theme, which spotlighted locally driven innovations such as value-added agricultural products, advancements in Uganda's motor industry, and digital technologies developed to support livelihoods and environmental sustainability. During the exhibition tour, Minister Lumumba and Mr. Gatete engaged directly with innovators and stakeholders, praising their contributions toward achieving the SDGs. The Executive Secretary commended the creativity and commitment demonstrated, emphasizing the importance of scaling up these inventions and marketing best practices across the African continent to foster inclusive, homegrown development. 'This Knowledge Fair is a testament to Africa's ability to innovate and deliver solutions tailored to our development context,' said Mr. Gatete. 'We must do more to amplify these efforts, share knowledge across borders, and foster regional value chains that empower our people.' The Knowledge Fair, which is central to ECA's knowledge delivery serves as a dynamic platform for exchange, networking, and the promotion of sustainable innovation. Distributed by APO Group on behalf of United Nations Economic Commission for Africa (ECA).
Zawya
17-03-2025
- General
- Zawya
East Africa: EAC4Nature Project launched to foster sustainable natural resources management in the region
The East African Community (EAC), in collaboration with the German Federal Ministry for Economic Cooperation and Development (BMZ) and the European Union (EU), today launched the EAC4Nature Project, a transformative three-year initiative designed to enhance sustainable natural resource management across the region. The EAC4Nature Project, titled 'Support to Management of Nature-Based Solutions with the East African Community' will run from January 2025 to June 2028 with a total funding of 8 million euros (5.5 million Euros from BMZ and 2. 5 million Euros from the EU). The groundbreaking project focuses on integrating Nature-Based Solutions (NbS) into regional policies, enhancing transboundary cooperation and strengthening the capacities of regional basin organisations — Lake Victoria Basin Commission (LVBC), Lake Tanganyika Authority (LTA), and Lake Kivu and Rusizi River Basin Authority (ABAKIR). The overarching objective of the project is to bolster the capacity of key actors within the EAC to implement climate-resilient and gender-responsive nature-based solutions, ensuring regional environmental policies address both climate adaptation and community resilience. The project is commissioned by BMZ and co-financed by the EU with GIZ providing technical implementation support. The EAC4Nature Project will focus on three (3) key areas, namely: (i) Integrating Nature-based Solutions (NbS) into EAC policies and regulations while ensuring gender-sensitive approaches. (ii) Strengthening the institutional capacities of Lake Victoria Basin Commission and Lake Tanganyika Authority for effective NbS planning and coordination; and (iii) Enhancing information management to support climate-resilient water and environmental solutions. Speaking during the official launch of the EAC4Nature Project in Entebbe, Uganda on behalf of the EAC Secretary General, H.E Veronica Nduva, the Executive Director of the Civil Aviation Safety and Security Oversight Agency (CASSOA), Eng. Richard Gatete, reaffirmed the EAC's commitment to integrating nature-based solutions into regional climate policies and frameworks. 'As we launch the EAC4Nature Project today, let us remember that this is not just a project; it is a call to action. It is a call to work together, across borders and sectors, to protect our natural wealth, build climate resilience and secure a sustainable future for the people of East Africa,' said Eng. Gatete. Eng. Gatete hailed the invaluable support provided by the BMZ) and the EU, adding that such partnerships had been instrumental in driving transformative change across the region. Eng. Gatete said the project will promote the use of Nature-Based Solutions to provide a transformative pathway to address climate change while enhancing biodiversity and improving livelihoods. 'Through the EAC4Nature Project, the region seeks to foster stronger partnerships between regional institutions, development partners, and communities to jointly safeguard ecosystems'', added Eng. Gatete. Julia Kronberg, Head of Development Cooperation at the German Embassy in Tanzania, emphasised Germany's strong partnership with the EAC in advancing climate resilience, sustainable agriculture, public health, trade and regional integration. 'Germany has an interest to build strong international partnerships to promote nature-based solutions and even more so nature-based resilience. We are proud to collaborate with the EAC and EU in addressing a triangle of climate change, environmental pollution and biodiversity loss focusing on fresh-water nature-based solutions in and for East Africa', said Ms. Kronberg. On behalf of the EU, Mr. Pierre-Yves Renaud, Manager for Energy, Water, Sanitation, and Environment at the EU Delegation to Burundi, reaffirmed the EU's long-standing commitment to sustainable water management and regional cooperation in the Great Lakes Region. 'Tanganyika Kivu Water Management (TAKIWAMA) reflects the EU's dedication to environmental sustainability, economic resilience, and transboundary water governance. We are proud to support regional institutions and partners in their efforts to protect water resources, enhance livelihoods, and advance regional integration,' said Mr. Renaud. In her remarks, Eng. Coletha Ruhamya, the Deputy Executive Director of the Lake Victoria Basin Commission (LVBC) and Mr. Kwibisa Linywalii, the Director for Monitoring and Evaluation of Lake Tanganyika Authority (LTA) both underscored the importance of the project, highlighting its potential to enhance data-driven decision-making, strengthen institutional cooperation and foster innovative approaches to managing the shared water resources and ecosystems within the region. On his part, Mr. Jean Paul Nyembo Mwamba, the Coordinating Director from Lake Kivu and Rusizi River Basin Authority (ABAKIR) said that the project was not just about conservation but also integrating nature-based solutions in the regional policies, frameworks, and practices to ensure sustainable natural resource management and climate resilience. The EAC4Nature Project builds on the 6th EAC Development Strategy, which prioritises transboundary environmental management and climate resilience. It also aligns with the EAC Gender Mainstreaming Policy and IUCN standards for Nature-Based Solutions, ensuring that women, youth, and vulnerable communities actively participate in project implementation and decision-making. Distributed by APO Group on behalf of East African Community (EAC).
