Claver Gatete Urges African Economies to Fund Their Own Industrial Rise

Production remains the core defense against economic instability. Recent geopolitical shifts have exposed the risks inherent in relying on imported goods and distant capital markets, prompting calls for expanded manufacturing capacity and greater value addition within the continent. The African Continental Free Trade Area stands as the primary vehicle for connecting these domestic goods to a larger, integrated market.

To bridge the gap between policy and output, Gatete identified five strategic priorities, emphasizing that domestic revenue mobilization is essential for funding infrastructure and skills development. By leveraging public finance to de-risk private investment, countries can build regional value chains that transform raw resources into finished products. This shift requires a unified approach where energy, trade, and financial policies are synchronized rather than fragmented.

Financial institutions must now evolve to support this transition. The ECA is actively working with the African Union Commission and the African Development Bank to refine fiscal systems and deepen local capital markets. Initiatives such as the Pan-African Payment and Settlement System are designed to lower the barriers to cross-border trade, ensuring that industrial plans translate into tangible factories, employment, and long-term economic resilience.