African Experts Call for New Approach to Multilateralism and Trade
MAPUTO, Mozambique— African economic experts are urging a rethink of the continent's approach to multilateralism and regional trade, citing failures in global financial systems and the need for self-reliance, writes Winston Mwale.
At a side event discussing African perspectives on multilateralism, Leo Atakpu, Deputy Executive Director of the African Network for Environmental and Economic Justice, criticized existing global financial institutions.
"As we speak, there is sweeping poverty across Africa," Atakpu said. "If multilateralism is working, that will not happen."
Atakpu pointed to the uneven distribution of COVID-19 relief funds as evidence of systemic bias. "Africa got a paltry 55 billion worth of SDRs," he noted, referring to the International Monetary Fund's special drawing rights.
The expert also questioned whether African leaders are truly ready for financial independence, describing some as "puppets to the same hegemonistic leadership" and "stooges of the West."
Aloysius Kittengo, Program Coordinator for Financing for Development at the Southern and Eastern Africa Trade Information Negotiations Institute, emphasized the importance of intra-African trade.
"You cannot trade plastics at the EU level. But you can trade plastics at the East African Community level," Kittengo explained. He advocated for better organization within Africa to "benefit from the bigger market."
Kittengo also criticized the influence of international financial institutions on African fiscal policies.
"The IMF and World Bank came on board and indicated your debt is sustainable regardless of how you are performing," he said, noting that this has led to deviations from regional fiscal frameworks.
Both experts stressed the need for Africa to look inward for solutions and to strengthen regional trade agreements before engaging with larger international markets.
The discussion comes as the African Union moves towards establishing its own central bank and monetary fund, signaling a shift towards greater economic independence for the continent.