International relations minister Netumbo Nandi-Ndaitwah says while the African continent has an abundance of resources, it has little to no control over global financial systems or international trade rules.
She lamented the negative perception towards Africa, a continent viewed as a mere supplier of raw materials and which is incapable of value addition to its own resources.
“There is a compelling need to reform the global economic trading and financial system to level the playing field. A fairer and more resilient multilateral trading system must be open, rules-based, transparent and non-discriminatory,” said Nandi-Ndaitwah yesterday.
Nandi-Ndaitwah, who is also Namibia’s deputy prime minister, was speaking during a high-level engagement on Africa and the reform of multilateral systems in collaboration with Amani Africa.
Amani Africa, together with Namibia, initiated a high-level panel of experts on Africa and the reform of the multilateral system in the changing global order.
The process was officially initiated on the sidelines of the February 2023 African Union summit.
Amani Africa Media and Research Services is an independent pan-African policy research, training and consulting think tank with expertise on the African Union policy processes and a specialisation on the African Union Peace and Security Council.
“Besides the reform of the international peace and security architecture, it is also important to look at the development system as a whole, particularly the reform of international financial and economic orders,” she said referring to multilateral bodies such as the World Bank, International Monitory Fund and the World Trade Organisation.
Nandi-Ndaitwah says Africa’s resources contribute enormously to global development and therefore the continent deserves to be treated as an important partner in contributing to global economic development.
“We must not allow Africa to be undermined and be told that our demands are unrealistic while at the same time, the historical injustice done to Africa continues unabated,” she stated.
Nandi-Ndaitwah also highlighted that the UN Charter must be amended to reflect the will and desire for Africa’s permanent representation on the Security Council.
This, she said, will make it possible for bodies such as Amani Africa to serve the purpose in the interests of all people of the world.
Namibia, as the chair of the SADC Organ on Politics, Defence and Security Cooperation and as a member of the AU Peace and Security Council, continues to advocate peace in the region through diplomacy.
On his recent trip to France for the summit for the New Global Financial, Kenyan president William Ruto stated that there is a need for a financial transaction tax at a global level: “We do not want anything for free, you will pay more eventually because you have a bigger economy. We will pay what is commensurate to our economy and we want those resources controlled, not by IMF and World Bank because they have the final say and we have no say. We want another organisation of equals,” said Ruto.
He added: “We are saying we need a new financial architecture where governance, power is not in the hands of a few people. We can agree on the governance of the institution and agree on the sharing of power so that all of us have access to resources”.
Ethiopia’s Prime Minister Abiy Ahmed said during France’s climate summit African countries face an unprecedented financing squeeze that is forcing them to focus on managing debt rather than development.