If the recently Memorandum Of Understanding signed between Africa Capacity Building Foundation (ACBF) and New Partnership for Africa’s Development (NEPAD) is anything to go by, then Africa could be on an economic growth trajectory that will see the continent becoming economically vibrant and self-reliant.
Officially unwrapping the MOU in Harare this week, NEPAD Chief Executive officer Dr Mayaki said ACBF is going to be the official African Union Development Agency that will see the continent re-industrialise and beat the 2 Billion jobs creation target by 2050.
“This MOU marks an important stride for African which will see the continent becoming more and more self-reliant rather than looking up to international financial institutions such as International Monetary Fund (IMF) and World Bank”
Dr Mayaki added that the initiative was not only going to foster development and economic growth but more so mitigate conflicts and create peace in the region.
“De-industrialisation is the source of most conflicts and that’s what Africa has been doing, research has revealed that the Arab Spring uprising was fueled by unemployment and we want to be proactive on such situations”, he said.
The MOU which is now operational will be implemented guided by individual and regional African States needs and capacities.
Executive Secretary of ACBF Emmanuel Nnadozie said this MOU “marks an important milestone in building partnership for supporting implementation of Africa’s socio-economic transformation”
“This MOU will provide a framework of cooperation to facilitate collaboration between ACBF and NEPAD focusing on strengthening of capacity development in Africa for the effective implementation monitoring and evaluation of Agenda 2063 and its 10-year Plans,
“Priority areas of mutual focus will include implementation, monitoring and evaluation of capacity development in the 1st 10-year plan of Agenda 2063 and Agenda 2030, joint implementation of AU/NEPAD 2015-2025 Capacity Development for effective implementation of findings from ACBF’s assessment of RECs Capacity needs among other issues,” said Nnadozie.
ACBF relationship with NEPAD dates back to January 2004 when the two parties engaged into an MOU that sought to establish a partnership in matters relating to capacity where ACBF invested 2million of which $1 869 244 was absorbed by NEPAD
This historic moment for Africa comes at a time when Zimbabwe like some of Africa’ s countries is under pressure to woe foreign aid for the resuscitation of the economy which was literally in the intensive care under the leadership of the former deposed President Robert Mugabe.
Economic Independence has become a big stumbling block for most African Countries as it is happening against abundant untapped natural resources which the countries struggle to extract and add value, an impediment which has rendered them beggars to international financial institutions.
