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Addis Ababa- Albert Muchanga, African Union (AU) Commissioner for Economic Development, Trade, Tourism, Industry and Minerals, presented a presidential dialogue on African Financial Institutions at African Union (AU) in Addis Ababa, Ethiopia.
Muchanga Criticizes Global Financial Imbalances
He said that Africa find its self’s on the brink of a new era, facing challenges and opportunities, it is imperative that AU members must take a bold and decisive action to reshape the financial landscape in a manner that reflects the aspirations and interests of all nations, particularly those of the African continent.
The current global financial system is flawed due to the unequal distribution of power and influence, which leads to the marginalization of developing nations, particularly in Africa. Despite Africa being home to some of the world’s fastest-growing economies and emerging markets, it remains underrepresented and underserved within existing financial institutions.
Muchanga Pushes for African-Owned Institutions
He further added that the establishment of African Union Financial Institutions, namely, the African Central Bank (ACB), the African Investment Bank (AIB), the African Monetary Fund (AMF) and the Pan-African Stock Exchange is a crucial step towards addressing the imbalance and empowering our continent to assert its rightful place on the global fora.
“By combining our resources and expertise, we can create institutions that are tailored to the specific needs and priorities of African nations. This will foster greater collaboration and solidarity among African Union Member States”, said Muchanga.
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