The Special Representative of the Secretary-General (SRSG) to the African Union and Head of UNOAU, Parfait Onanga-Anyanga, attended the fifty-fourth session of the UNECA’s Conference of African Ministers of Finance, Planning and Economic Development (COM54) in Dakar, Senegal, from 16 to 17 May Opening the COM54, the President of the Republic of Senegal, Macky Sall, called upon Finance Ministers to: leverage the politically conducive environment to engage the international financial institutions towards reducing poverty levels; review unfair trade regimes including setting aside the payments for the two-year loss of economic activities as a result of the COVID-19 pandemic; review the criteria for risk assessment to access credits for investment; improve finance governance and revenue collection; and promote the African Continental Free Trade Area (AfCFTA). He highlighted the potential of the European Union’s Global Gateway to develop and finance infrastructures, especially transboundary projects.  President Macky Sall paid tribute to the Member States of the African Union (AU) for their resilience in the face of the Covid-19 pandemic and called for a negotiated resolution of the Russia-Ukraine conflict. He also called for the adoption of special measures to allow Africa to import urgently needed wheat, fertilizers and oil supplies from Ukraine and Russia.

In the panel discussions that ensued, high-level panelists deliberated on the pathways for Africa’s recovery in the face of the COVID-19 pandemic, the evolving impact of climate change, the Russia-Ukraine conflict, and the challenge of youth unemployment. They underscored the need to increase domestic resource mobilization; digitalize revenue collection; leverage and prioritize green and blue economy investments; diversify financing mechanisms; explore non-traditional financing sources including green and blue bonds and loans; adopt new global instruments that are responsive to the current challenges; operationalize the G20 Debt Restructuring Framework to allow fiscal space within which African countries can re-launch their economies; and increase access to emergency financing by 2025. The panelists further underscored the importance of: increasing the allocation of Special Drawing Rights (SDRs); further availing of emergency funds under the Crisis Response Window; adopting special measures and exemptions to facilitate imports of wheat and fertilizers from Ukraine and Russia; re-inventing multilateralism; availing of carbon credit and increasing its adaptability, flexibility, liquidity; and of ensuring that Africa is part of the solutions to the challenges faced.

Additionally, calls were made to prioritize disaster risk insurance for Africa and increase funding to the African Risk Capacity through innovative risk capitalization mechanisms; support private sector partnerships and address specific country contexts and vulnerabilities; protect the ecosystems and promote reforestation in forestry development zones; blue and green financing and popularizing the Knowledge Action Platform; promote climate resilient agriculture and address climate change related threats; increase debt transparency; fight corruption; and increase economic governance. The role of science, technology and innovation and supporting youth-focused initiatives was also highlighted. Similarly, the development of health sector infrastructures and promoting communities’ co-existence with the environment, keeping children in school and catering for their teachers to make schools safe spaces for children was stressed. They advocated for a pragmatic unity approach towards the AfCFTA, climate action, and developing a continental Artificial Intelligence Strategy.