This article was automatically translated from HIBAPRESS, the Arabic version:
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The mobilization of resources, which remains a prerequisite for the achievement of lasting and inclusive growth, is an essential condition for the structural transformation of African economies, affirmed His Majesty King Mohammed VI, stressing that in the absence of sufficient funding and adapted to its specific needs, Africa will not be able to carry out its reforms and its development projects.
In a message addressed to participants in the 2025 edition of the “Ibrahim Governance Weekend” forum, which opened his work yesterday Sunday in Marrakech, the sovereign highlighted four guidelines for an inclusive and sustainable development of Africa, namely the change of paradigm in the financing of development; the establishment of an institutional, economic and social environment conducive to development; The strengthening and energizing of intra-African exchanges and the full valuation of natural resources that the continent conceals.
As for the change of paradigm in development of development, SM The King stressed that the African continent is called to a greater mobilization of its domestic resources and the construction of structural reforms to strengthen the macroeconomic framework.
“He must also develop innovative development mechanisms for financing development and effectively benefit from transfers of the African diaspora”, continued the sovereign in this message of which read was given by the adviser of His Majesty the King, Mr. André Azoulay, noting that Africa cannot only count on public development assistance or external funding which is, by definition, generators of debts.
Regarding the establishment of an institutional, economic and social environment conducive to development, SM The King has emphasized the importance of encouraging investment, entrepreneurship and job creation, accelerating reforms in particular relating to good governance, improving business climate, strengthening transparency, protection of investors, the fight against corruption and moralization of the justice system.
With regard to the strengthening and dynamization of intra-African exchanges, the sovereign recalled that the economic integration of the continent was no longer an option, “but an imperative necessity in a globalized world where the share of Africa in global trade does not exceed 3%. Likewise, intra-African exchanges represent 16% of the total trade in the continent, against 60% in Europe and 50% in Europe and 50% in Europe and 50% in Europe and 50% Asia ”.
The launch of the African Continental Free-Echange area constitutes, according to SM the King, a real opportunity to stimulate trade between African countries and make it a catalyst for growth and sustainable development for the continent, promote industrialization and strengthen the flexibility of African economies and their attractiveness for investment.
As for the valuation of the natural resources which the continent conceals, the sovereign estimated that Africa, with 40 % of world reserves of raw materials and 30 % of critical minerals as well as considerable potential in mining, energy, water, agricultural and organic resources, can no longer be content to export its raw materials.
Africa must take full advantage of its enormous riches, create added values, generate income intended to finance its development, insisted SM the king, observing that this objective can only be achieved by investment in the transformation and local valuation of its natural wealth, the creation of regional value chains which will thus promote industrialization, job creation and consolidation of regional integration and regional integration.
Stressing that the financing of development in Africa is a major issue which requires innovative, united and adapted solutions to the continent’s realities, the sovereign has, in this sense, called for the pooling of efforts “at the national, regional and global levels to fill the deficit in development funding and consequently contribute to the emergence of Africa that we call for our vows”.
Nevertheless, today more than ever, as the 2030 of the sustainable development program approaches, the question of financing the development of Africa must be inscribed at the heart of the international agenda, said SM the King.
And to note that the reduction of high interest rates imposed on African countries on international financial markets, access to concessional funding for low -rate loans, capacity building of regional financial institutions to support African economies, the improvement of Africa’s representation, in all its diversity, within the international financial system, the reduction of taxes on the transfers of the African diaspora are all legitimate demands to which must be provided.
Recalling the holding, at the end of June in Seville, of the 4th International Conference on Development Financing, SM The King expressed his intimate conviction that development in Africa requires collective action combining regional and international cooperation.
“The fundamental debate on the reform of international financial architecture should adopt a multilateral approach, completely involving African countries which are too often marginalized in the process of developing the rules of the global monetary and financial system”, pointed out the sovereign, noting that this essential overhaul must ensure, more particularly, the strengthening of the legitimate representation of Africa within international bodies, Appropriation by African actors of the issues posed and their solutions.
