Hanan Morsy emphasizes transforming challenges into opportunities at AEC 2024 high-level dialogue
GABORONE, Botswana (BG) – Africa’s immense potential to lead the global green transition must be harnessed through strategic policy measures and fair compensation for its climate contributions, Hanan Morsy, Deputy Executive Secretary and Chief Economist of the United Nations Economic Commission for Africa (ECA), said at the 2024 African Economic Conference (AEC) on Friday.
Speaking during a high-level development dialogue, Morsy called for transforming Africa’s challenges into opportunities and turning vulnerability into leadership. She stressed that Africa must cease exporting development opportunities by focusing solely on raw material exports.
“We must turn challenges into opportunities, and vulnerability into leadership. We must be fairly compensated for our climate contribution and can no longer export development opportunities by exporting raw materials,” she said.
Organized by the African Development Bank (AfDB), ECA, and the United Nations Development Programme (UNDP), the conference began on November 23 in Gaborone, Botswana, and runs through November 25.
Morsy highlighted the African Continental Free Trade Area (AfCFTA) as a vital tool for boosting green investments across the continent. She underscored the importance of policy certainty, harmonized regulatory frameworks, and integrated market systems to attract private sector investments and advance Africa’s sustainable development goals.
Engaging Young Researchers
During a dialogue at the conference, Morsy, Claver Gatete, Under-Secretary-General and Executive Secretary of the ECA, and Ahunna Eziakonwa, Assistant Secretary-General and Director of UNDP, engaged with young researchers on financing development through domestic resource mobilization, de-risking investments, and creating ecosystems to support larger markets.
The session emphasized the importance of ensuring that tax incentives deliver tangible benefits for citizens, developing Africa’s capital markets, and aligning political systems with public service to strengthen governance.
The session with young researchers underscored the importance of developing Africa’s capital markets, reform of the Global Financial Architecture and equipping young leaders in the political space to perform well in public service – aligning politics with service.
The discussions reiterated the need for integrated development models that create jobs, boost climate resilience and achieve measurable progress on development goals.
Established in 2006, the African Economic Conference is a dialogue, research, and knowledge exchange platform. Delegates at the conference explore sub-themes such as human development, climate change adaptation, and the digital economy, focusing on actionable solutions to propel the continent forward.
As the conference progresses, leaders and experts aim to foster discussions that shape Africa’s future, with the AfCFTA at the heart of efforts to secure a resilient and prosperous economic landscape.
