south africa flag
South Africa

One of the key issues on the agenda of the 25th African Union (AU) Summit taking place in South Africa is to find alternative ways of financing AU’s operations and programmes, organizers said on Wednesday.

south africa flagHowever, Joseph Edozien, Chairman of the South African New Economics Foundation, told Xinhua that intensifying inter-Africa trade and requesting for goodwill grants from emerging trade partners could go a long way in alleviating the continent’s funding headaches.

Currently international partners and donors fund nearly 70 percent of the AU’s programmes, something which the African body wants to change. Early this year, the organization launched the AU Foundation with the aim of raising up to 2 billion U.S dollars to fund its operations and programmes.

Edozien said in an interview that there is an urgent need for African states to first realize the amount of economic power they can have if they vigorously start trading amongst themselves.

“What Africa needs right now is to invest in itself. At this stage, this is more a matter of inter-African contribution and cross-African strategic coherence. By doing so the continent will be able to generate enough financial resources to fund its programmes.

“Africa’s goal ought to be self-sustainability economically. This will enable it to be a more stable and attractive foreign trade partner and platform,” Edozien said. Enditem

-Xinhua

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.