Zimbabwe will host the Economic Commission for Africa (ECA) early next year, which the country’s finance minister Mthuli Ncube says will enhance its global image as the government continues to re-engage with the international community in the hope of ending 21 years of sanctions.
Zimbabwe hopes to close the gap between perception and reality when it comes to attracting foreign investment, while lobbying to have sanctions removed.
Ncube and ECA executive secretary Claver Gatete signed the conference agreement last week. African finance ministers and policymakers will converge in Victoria Falls from February 28 to March 5 for the 56th Session of the ECA Conference of African ministers of finance, planning and economic development.
Zimbabwe, once Africa’s breadbasket, has faced an economic collapse resulting in shortages of basic goods and services, and a mass exodus of its working population to countries around the globe after decades of human and property rights violations.
This was worsened by “stolen” elections and rampant corruption under former president Robert Mugabe’s despotic rule, that led to Western sanctions and global alienation.
After Mugabe’s removal in a coup in 2017, many believed sanctions would be lifted, but the West has been reluctant to do so, stating that human rights violations continue under President Emmerson Mnangagwa’s government.
Mnangagwa has said it is the government’s mission “to explain ourselves” and inform investors that Zimbabwe is a safe destination for investment and that it is “not as risky as many may think”.
The conference will bring together African ministers of finance, governors of central banks, and entities of the UN system.
“In addition, it will include the participation of pan-African financial institutions, youth representatives, African academic and research institutions, development partners, intergovernmental organisations and other key stakeholders to engage and exchange views on the state of economic and social developments in Africa,” Ncube said.
The theme for the conference is ‘Financing the transition to inclusive green economies in Africa: imperatives, opportunities and policy options.’
“It is very timely as the continent grapples with multiple crises,” Gatete said. “To drive industrialisation that is sustainable and creates jobs, eradicates poverty and contributes to sustained economic growth, Africa must build climate resilience, be able to access finance for its development and reap benefits from its natural resources.”
He said the aim is to end the conference with a strengthened focus and invigorated call to action for mobilisation of climate and development finance and the reform of the global financial architecture.
“Furthermore, the conference will call for the implementation of the African Continental Free Trade Area agreement and the leveraging of technologies for Africa’s development,” he said.
African countries, including SA, will continue to call for the lifting of sanctions.
Mnangagwa said Zimbabwe, which is burdened by $18bn in debt and continues to face ineligibility for new lines of credit from multilateral lenders, including the World Bank, the International Monetary Fund, and the African Development Bank, has committed to repaying its debt.
The country’s debt arrears continue to be a major impediment to its socioeconomic development. Mnangagwa said his government, the AfDB and other development partners are working on a process to clear its debts and arrears.
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