According to the United Nations, Africa has enormous development potential; however, historical economic inequality is hindering the continent's progress. The UN urges the international community to stand together and promote integration efforts to unlock Africa's development potential.
Speaking at the 22nd Summit of the Common Market for Eastern and Southern Africa (COMESA) in Lusaka, Zambia, Kenyan President William Ruto pointed out the difficulties arising from differences in the financial systems of African nations. While welcoming the establishment of some regional payment infrastructure, the Kenyan president argued that the lack of a single, continent-wide system to facilitate trade is creating a major barrier to strengthening intra-African economic cooperation.
In his message on Africa Day, May 25th, UN Secretary-General Antonio Guterres also pointed out the reality that African countries are not fully represented in leading global governance institutions, from the UN Security Council to the world 's important financial and monetary systems. African countries are denied debt relief or cancellation, and face numerous difficulties in accessing preferential capital for development. Focusing on strengthening regional economic integration and promoting peace and security in member states is the solution proposed by Egypt, the rotating chair of COMESA, at the bloc's summit. From Cairo's perspective, only strong integration will help COMESA and the entire continent overcome current economic challenges.
Leaders of COMESA member states have adopted macroeconomic criteria, as well as efforts toward establishing a common African currency. The criteria for launching the continent's common currency will be developed by the Monetary Institute of Africa, headquartered in Nigeria. The African Development Bank (AfDB) has agreed to assist the African Union (AU) in mobilizing resources to support the Monetary Institute of Africa. While praising the tremendous successes achieved by African nations in recent years, such as gaining independence, overcoming apartheid, making significant progress in economics, science , and the arts, and enhancing Africa's role on the international stage, AU Chairman Moussa Faki Mahamat warned of the risk that Africa could become a "geostrategic battleground" for major powers. Amidst a struggle to respond to a range of threats to regional peace and security, Africa could be harmed by the “senseless games” of other nations.
UN Secretary-General Antonio Guterres called on the international community to stand with Africa, supporting the continent's representatives at the highest levels of the international financial system. He emphasized that developed countries also need to fulfill their commitments to support Africa's actions against climate change and in other areas. The UN Secretary-General affirmed that Africa deserves peace, justice, and international solidarity. With international solidarity and cooperation, this could be Africa's century.
According to Nhan Dan newspaper
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