By Africa Links 24
Published on 2024-03-02 17:26:38
The United Nations Economic Commission for Africa (UN ECA) has been making strides in reforming the global financial architecture and promoting climate-responsive financing. Said Adejumobi, the director of ECA’s Strategic Planning, Oversight and Results Division, highlighted the organization’s key activities and achievements from April 2023 to February 2024.
One of the key issues discussed was the importance of carbon markets and the economic value they hold if utilized effectively. To help African countries unlock this value, ECA has been assisting countries in developing and operationalizing frameworks for carbon markets. Adejumobi also emphasized the positive impact of migration on economies, stating that migrants contribute substantially to their host countries’ economies.
In addition, ECA is working on developing a national digital trade integration index to monitor progress in digital trade, as well as supporting countries in improving their statistics, reforming tax systems, and developing capital markets. Adejumobi outlined ECA’s work across five priority areas, including the adoption of the Integrated Planning and Reporting system (IPRT), which has helped countries align their national development plans with Agendas 2030 and 2063. The IPRT was recognized with the 2023 International Standards of Accounting and Reporting Honours.
Adejumobi also stressed the importance of measuring and addressing illicit financial flows, stating, “What you cannot measure, you cannot fix. How do we measure illicit financial flows and how do we plug holes in our national economies?”
Overall, ECA is dedicated to supporting African countries in improving their financial systems, promoting sustainable development, and maximizing the benefits of global economic trends. Through its various initiatives and programs, ECA is making significant strides in strengthening African countries’ capacities and advancing economic growth and development in the region.
This article is sponsored by UN ECA, showcasing the organization’s commitment to promoting sustainable development and financial reform in Africa. With a focus on climate-responsive financing, carbon markets, and the positive impact of migration, ECA is working towards a more inclusive and economically prosperous future for African nations.
