Luanda - The chairman of the Board of Directors of the Angolan Sovereign Fund (FSDEA), Armando Manuel, on Saturday in Abuja (Nigeria), pointed to the digitalisation of business, electrification and trade facilitation as paths in the value chain to generate infrastructure development in Africa.
Armando Manuel was speaking during the 2024 African Caucus meeting on the facilitation of Intra-African Trade to catalyze the sustainable development of the continent, according to a note from the Angolan Embassy in Nigeria, Benin, Niger and ECODEA sent today to ANGOP.
The note states that during the event, he also gave a lecture on the analysis of the impacts of digitalization on the economic development of African countries, in a context of geopolitical tensions and the impact of climate change.
The Angolan delegation to the event included the executive director of the National Bank of Angola, Miguel Bartolomeu Miguel, the national directors of International Cooperation for Development of the Ministry of Planning, Gil Henriques, and the Office of Studies, Planning and International Relations of the Ministry of Finance, Patrício Neto, and the ambassador to Nigeria, José Bamóquina Zau.
The Caucus is a meeting of African governors at the World Bank group, the International Monetary Fund and the Central Bank of African Countries, the ministers of finance and economy.
The meeting was chaired by Nigeria's Finance Minister Adebayo Olawale Edun, who outlined consensus paths to boost intra-African trade and a pan-African financial architecture more adjusted to the continent's context.
The Caucus has defined an African consensus position for the meetings of the institutions of the World Bank and the International Monetary Fund, to be held next October in Washington, United States of America.
The event focused its discussions on strengthening pan-African payment ecosystems, for integrated development, trade facilitation and regional integration in Africa, among other issues. Nigeria has expressed its intention to host the African Central Bank, so it has asked for support from the continent.
Some key pathways to boost intra-African trade were highlighted, such as strengthening the pan-African payment ecosystem, improving energy access, affordability and connectivity in line with the African Union's Agenda 2063.
They called on the IMF and the World Bank to ensure that the guarantee of support to member countries continues to be guided by principles of balance and impartiality, and accepted the challenge of strengthening the African payment ecosystem, through the harmonization of trading rules, as well as settlement cycles and listing fees on Africa's major exchanges.
Participants decided to accelerate financial integration, with the aim of increasing the diversification of asset allocation across geographies and sectors, addressing liquidity challenges that have consistently constrained the promotion of African trade and investment.
They chose to take advantage of blockchain technology and artificial intelligence in the payment system, to improve its efficiency and reduce intermediaries in the processes.
They recognized the urgent need for the implementation of the Pan-African Payment and Settlement System (PAPSS) to facilitate intra-African trade, increase financial inclusion and promote socio-economic development. SJ/VC/DOJ
