He endorsed initiatives such as the African Continental Free Trade Area (AfCFTA) and the Programme for Infrastructure Development in Africa.
Speaking at the 56th session of the Conference of African Ministers of Finance, Planning and Economic Development, Ncube highlighted the urgent need for a transition to inclusive green economies, a restructuring of the global financial landscape, and a hastening of regional integration.
The conference delved into policy options that could enhance private sector participation, investigate innovative financing tools, implement the AfCFTA, and nurture regional and global cooperative initiatives to drive climate resilience and sustainable development across the continent.
“It is high time we join hands as a continent and strengthen our existing regional trading blocs, such as AfCTA, to promote free movement of goods and services in Africa.”
He urged member states to eliminate barriers at all entry and exit points to create a single market for goods and services that promote intra-African trade and industrial development. He expressed hope that the AfCFTA would enhance Africa’s competitiveness in the global economy, create jobs, and stimulate economic growth across the continent.
The AfCFTA, the world’s largest free trade area, unites the 55 countries of the African Union and eight regional economic communities. Its primary mandate is to establish a single continental market with a population of approximately 1,3 billion people and a combined GDP of roughly US$3,4 trillion.
The trade bloc is expected to reduce tariffs, stimulate economic growth, and foster collaboration among African countries, helping the continent achieve both the objectives of the UN Sustainable Development Goals in 2030 and the African Union’s Agenda 2063 for the economic, social, and political regeneration of the continent.
However, Ncube noted that economic growth in Africa remained subdued in 2023, amid tight monetary policies, low demand for African exports and global factors.
“Africa stands at a pivotal juncture. While we face formidable challenges, challenges come with opportunities – opportunities to reshape our destiny, forge ahead with bold solutions, and redefine Africa’s narrative.”
Ncube called on member states to focus on delivery and concrete actions on rolling out structural reforms that breathe life into African economies, fortify their resilience, and empower effective fiscal policies. He also urged African countries to lead the charge towards an inclusive green transition, embracing renewable energy solutions and sustainable resource management practices.
“We cannot ignore the pressing need for international financial institution reforms to make the institutions fit for purpose and responsive to the needs of the weaker countries. In this regard, we call upon the Economic Commission for Africa to continue to provide leadership to build consensus on the continent to call for such reforms,” he said.