Africa-Press – Angola. Angolan president and chairperson of the African Union, João Lourenço, stated on Saturday in Johannesburg, (South Africa), that the continental organization has been advancing in the creation of its financial institutions to create the economic autonomy of the continent.
“We must finance our own destiny,” expressed the statesman during his speech at the G20 Summit.
When addressing macroeconomic challenges, João Lourenço emphasized that the continent is implementing a proactive economic strategy, focused on mobilizing internal resources, an element he considered essential for African resilience in a scenario of declining Official Development Assistance.
President João Lourenço highlighted the ongoing effort to accelerate economic diversification, in order to reduce external vulnerabilities and ensure greater stability in the face of global shocks.
The AU chairperson reaffirmed the importance of the African Continental Free Trade Area (AfCFTA), considered one of Africa’s greatest contributions to the global economy.
Lourenço underlined that the full implementation of the AfCFTA will create an integrated market of 3.4 trillion US dollars, capable of driving inclusive growth, strengthening regional value chains and contributing to the stabilization of international trade.
The AU leader urged G20 members to look at the continental initiative “not just as an African project, but as an essential pillar for the stability of world trade#, Having defended the need for inclusive and sustainable economic growth, based on strengthening multilateralism, mobilizing domestic resources and African integration.
According to the AU chairperson, Africa now occupies a central place in global geopolitics, and the continent’s recent integration as a permanent member of the G20 marks a turning point in strengthening multilateralism.
He explained that current global economic dynamics require coordinated efforts to ensure the implementation of the African Union’s Agenda 2063 and the United Nations’ Agenda 2030.
The Angolan Head of State expressed gratitude to the host, President Cyril Ramaphosa, emphasizing that the rotating presidency of the G20, assumed by South Africa, “echoing the spirit of Ubuntu,” reflects the African commitment to solidarity, equality, and sustainability.
“I want to commend Your Excellency’s leadership and unequivocal commitment to bringing African concerns to the forefront in an increasingly complex international context,” he stated.
He highlighted the historic nature of this summit as the first held on African soil and affirmed that it will allow the continent’s priorities to be elevated to the center of the global agenda.
The Summit, themed “Inclusive and sustainable economic growth that leaves no one behind: Building our economies; the role of trade; financing development and the burden of debt,” is attended by Heads of State and Government from G20 member countries and guests.
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