51吃瓜

Is the AfCFTA implementation progressing as you expected?

We need to celebrate certain milestones. Notably, unlike many other continental blueprints, we secured the ratification of the AfCFTA in record time. The UN Economic Commission for Africa () and other stakeholders supported that exercise by raising stakeholders鈥� awareness of the ways in which the AfCFTA could address their concerns and challenges.

So far, we have about 30 national AfCFTA strategies, which lay the foundation for intra-African trade. While we are in the early stages, we already see promising signs of trade, such as Kenya鈥檚 tea exports to Egypt.

These are baby steps. To implement the AfCFTA fully, we need to do more, such as domesticating the protocols in national laws and regulations. However, the protocol on the free movement of goods and services is still a problem. This protocol is very important because we cannot trade without it.

In light of the , do you see Africa鈥檚 blue economy as the next big thing?

It鈥檚 huge! The Moroni Declaration, originating in a conference in Moroni, the capital of the Comoro Islands, was about island states and climate action.

The declaration recognized that Africa鈥檚 island states suffer from the same predicaments as its landlocked countries, which now have land-linked strategies. One observation that informed the declaration was that our island states are essentially sea-locked, somewhat segregated from existing regional integration frameworks. We need to make the connection, moving from sea-locked to sea-linked.

In addition, the blue economy presents an opportunity for island states to participate meaningfully in Africa鈥檚 structural transformation.

We also looked at the state of port infrastructure. Many ports are in the river mouths. We need to dredge those ports to accommodate larger container ships. The sea-linked agenda includes constructing deep seaports in island states so that they can position themselves as trans-shipment hubs.

We looked equally at merging nature conservation, climate action and the use of carbon credits to generate revenue streams for sustainable livelihoods.

The Moroni Declaration and the launched at COP26 [in Glasgow] underpin efforts to develop Africa鈥檚 blue economy, which would increase the conservation of our marine ecosystems from about 3 per cent to 30 per cent.

For most African countries, we are also talking about value addition in the fisheries sector. In sum, these initiatives could generate up to a million jobs for young people.

The projected value of the carbon credit market is $120 billion by 2050. How does Africa benefit from this market and where are its primary entry points?

The Congo Basin is one of those entry points. It is the world鈥檚 second-largest lung, after the Amazon. Its wetlands have huge carbon sequestration potential. To create a carbon credit market, the ECA is working with the to develop a credible registry and realize a more competitive price for each tonne of carbon sequestered.

Our data suggests that Africa could generate $82 billion annually if we could sell sequestered carbon at $120 per tonne. This is more than the continent currently receives from the Official Development Assistance of the Organisation for Economic Co-operation and Development.

In Africa鈥檚 Sahel region, carbon credit is about harnessing the full potential of solar energy to transform the livestock sector. For example, countries like Chad and Niger possess 100 million and 20 million heads of cattle, respectively. Yet, they cannot fully utilize these resources because of the lack of cold chains and meat processing facilities, both of which rely on energy availability.

Solar energy will create jobs and other economic opportunities and reduce the prospects of extremist groups like Boko Haram recruiting young people. Producers of solar can convert the energy produced into carbon credits, while simultaneously attracting socially conscious investors.

Furthermore, the Horn of Africa holds significant promise in this sector

How long will Africa take to benefit tangibly from carbon credits?

In February this year, we held the Africa Business Forum under the theme, 鈥�.鈥� Thereafter, we began working with countries on this issue through the .

As part of the same dynamic, we are introducing climate action debt swaps, meaning that countries could exchange debt for a commitment to undertake renewable energy projects. For example, Cape Verde recently negotiated a debt swap with Portugal valued at approximately .

We want to generate more such agreements, as Africa needs an ecosystem conducive to transformational leadership and change, where leaders coordinate their actions with speed, scale, and intention.

What reforms would you like to see in the global financial architecture?

The 51吃瓜 Secretary-General [Ant贸nio Guterres] has been clear that the existing global financial architecture is not fit for purpose.

We have advocated for the reallocation of (SDRs), issued by the IMF. rechanneling these SDRs through multilateral development banks such as the AfDB to strengthen their capacity for assisting member states more effectively.

The Secretary-General also stimulus for developing countries. We are looking at an evolution of the World Bank, to make it more agile and less bureaucratic, so that member states can access resources faster and at higher volumes. 听

We also intend to engage on the problem of credit ratings of our member states. These ratings do not currently reflect the real risk profile of these countries. We need to interrogate the methodology behind the credit ratings, which are making financing unaffordable.

How close are your ideas to reality?

It is a long, complicated success. While we recognize the challenges, we want to harness the opportunities. Africa possesses the leadership, the determination, the strategies and the opportunities to achieve the SDGs.