Africa Seeks Financial Integration

African heads of state and business leaders met in Egypt for the inaugural El-Alamein Africa Forum, where they discussed ways to unlock the continent's capital and reduce reliance on external funding. The forum was hosted by Egypt in New Alamein City and inaugurated by President Abdel Fattah Al-Sisi.

Central Bank of Egypt Governor Hassan Abdalla participated as a keynote speaker in a high-level session titled 'Africa's New Growth Compact in a Turbulent World'. He said Africa needs to build confidence, strengthen joint financial cooperation, and create sufficient jobs for its rapidly growing young population.

Abdalla noted that around 12 million young people enter Africa's labour market each year, while only about 3 million formal jobs are created. He stressed the need to ensure that young people receive the education and skills required to become an economic asset rather than a factor of impediment.

The African Union Commission Chairperson, Mahmoud Ali Youssouf, held discussions with South African President Cyril Ramaphosa on the sidelines of the 8th AU Mid-Year Coordination Meeting. They exchanged views on regional integration and other key priorities of the AU.

Abdalla also highlighted the importance of developing Africa's financial architecture, including stronger financial markets, greater access to finance, and improved mechanisms for evaluating African investments and creditworthiness. He called for the establishment of an African rating agency to enhance the ability of African economies to access financing and investment on more favourable terms.

The forum featured several high-level sessions and discussions, including a session on Africa's automotive sector and the African Continental Free Trade Area (AfCFTA). African leaders and officials emphasized the need for stronger financial integration and cooperation to promote economic growth and development.

The Chairperson of the African Union Commission expressed appreciation to President Ramaphosa for his support for the AU's digitalisation programme. The programme aims to preserve and make accessible the institutional memory of the continent and its leaders for the benefit of present and future generations of Africans.