ADDIS ABABA, Feb. 13 (Xinhua) -- Executive Secretary of the United Nations Economic Commission for Africa (UNECA) Claver Gatete has called for a change for global economic policies, describing the existing international financial architecture as "outdated, inequitable and unjust."
Gatete made the remark at the 46th Ordinary Session of the Executive Council of the African Union (AU) that kicked off Wednesday in Addis Ababa, the capital of Ethiopia, under the theme "Justice for Africans and People of African Descent Through Reparations."
Noting that the existing global governance has hindered Africa's growth, Gatete called for a reformed international financial institution in which Africa's voice would play a stronger role in shaping global economic policies.
The executive secretary also expressed concern over Africa's credit ratings, which he said are dominated by external agencies that sometimes apply unfair and subjective assessments to African economies.
"These disparities are not due to a lack of economic potential but to entrenched structural barriers that keep Africa in a cycle of economic dependency," he pointed out, saying that Africa cannot build prosperity on a foundation designed to constrain its growth.
With only two African countries -- Botswana and Mauritius -- hold investment-grade ratings, Gatete urged for establishing an African-led credit rating agency to ensure fair assessments that reflect Africa's true economic realities rather than outdated risk perceptions.
He said that the African Continental Free Trade Area (AfCFTA), with a market of about 1.5 billion people and a combined gross domestic product of over 3 trillion U.S. dollars, would be a game-changer and present an unparalleled opportunity to boost industrialization and trade across the continent.
"It is essential to fully harness the AfCFTA's potential to accelerate investments in infrastructure and manufacturing to reduce dependency on external markets," Gatete added.
The executive secretary also emphasized the need for Africa to develop regional value chains to ensure that the continent produces and processes its own raw materials in a bid to create more jobs for its people.
