Zim hosts African Finance Ministers
ZIMBABWE this week hosts the 56th Session of the United Nations Economic Commission for Africa (UNECA) Conference of African Ministers of Finance and Economic Development in Victoria Falls where the country will showcase some of the strides made in transforming the economy and seek to deepen synergies for further growth.
The conference runs from tomorrow up to next week Tuesday under the theme: “Financing the transition to inclusive green economies in Africa.”
The hosting of the conference comes at a time when Zimbabwe’s economic transition enabled by positive policies implemented by the Second Republic is making a significant impact across the continent, which now looks up to the country as the pacesetter in driving development leading to green economies.
Zimbabwe’s great strides include energy transition from fossil-based energy systems to new energy such as solar, hydro, and green hydrogen. Others include electrification of transport systems, regenerative agriculture and food systems transformation, new technology, and localization of jobs which are expected to inspire regional peers.
Finance, Economic Development, and Investment Promotion Minister Professor Mthuli Ncube, who chairs the UNECA Finance Ministers’ conference, yesterday toured the venue of the conference here where he expressed satisfaction with the preparations.
Prof Ncube said all the 54 member countries have confirmed participation – some at ministerial level while others will be represented by senior Government officials.
Some will also follow proceedings on virtual platforms.
“I’m pleased so far; everything is ready and we are ready to go. The venue is appropriate and the experience will go beyond the content of the conference.
“We are pleased that His Excellency President Mnangagwa will be available to officially open the conference on the 4th of March and delegates are looking forward to his message as you know Zimbabweans have done very well in the area of agriculture, which is a component of greening the economy,”said Prof Ncube.
“This is towards the whole quest for food security so that message of food security as an Africa-wide message is critical to transitioning towards green economies.”
He said President Mnangagwa is also expected to talk about forests contributing towards the decarbonisation agenda and carbon sequestration, the quest for more investment in energy through independent power producers, and renewable energy such as solar and hydro.
Prof Ncube will chair the proceedings in his capacity as the UNECA Finance Ministers chair for 2024.
“This is a very important moment for Zimbabwe and deepens our engagements. We work smoothly with UNECA as we have the UNECA-Zim team that has worked with utmost professionalism. Everything is in order and we are ready to go,” he said.
“This is the first time we are hosting the Conference of Ministers of Finance at such a level and so it’s an honour for Zimbabwe. We are encouraging everybody to contribute.”
He said Victoria Falls is an important destination for such international conferences as the resort city offers entertainment and tourism activities outside the conference business. Delegates can do game drives, tour Victoria Falls, do bungee jumping, play golf, and sample local dishes. High-ranking officials including World Bank vice president for Africa, Victoria Kwakwa will attend including civil society, academia, and others.
UNECA deputy executive secretary Mr Antonio Pedro said underpinning all the discussions will be the African Continental Free Trade Area that is creating a market for 1.4 billion people across 54 countries, with financing, climate, and technology at the centre.
“Zimbabwe has all of the assets to be able to make this transition smoothly and be a role player and role model on the steps and pathways to this transition. On behalf of UNECA, I would like to thank the people and Government of Zimbabwe for hosting us as we have worked seamlessly together.
“The conference of finance ministers is happening at a very important time where we are going to contribute towards the formulation of Africa’s position towards a summit of the future, and the future is about a transition towards green economies,” he said.
“We are going to discuss the means towards reducing negative impacts of climate change and the use of fossil fuels, technology as an important facilitator of transformation, and a means towards accelerating Africa’s transformation and energy transition from fossil-based energy systems to new energy such as solar hydro, green hydrogen, electrification of transport systems,” said Mr Pedro.