West Africa Finance Ministers to Dialogue on Challenges, Prospects of Green Economy

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Mariama Marong

West Africa finance ministers are scheduled to meet on February 28 and dialogue on the prospects of green economy sector that contributes to the advancement of the region.

The fifty-sixth (56th) session of the conference of African Ministers of Finance, Planning and Economic Development (CoM 2024) is themed

“Financing the transition to inclusive green economies in Africa: imperatives, opportunities and policy options”.

The main aim of the high-level meeting is to strengthen focus and invigorate action to mobilise development finance to enable the continent’s transition to climate-resilient and inclusive green economies and to achieve the Goals of the 2030 Agenda for Sustainable Development and the goals of Agenda 2063.

The sub-regional dialogue also aims to stimulate reflections and identify West African countries’ specific financial needs and priorities to transit to green economies.

Speaking at the virtual press conference, Madam Ngone Diop, Director of UNECA Sub-regional Office for West Africa, explained that dialogue will help them reflect on the challenges facing West African countries, as well as on the prospects of innovative financing to accelerate a dynamic process of transition to green economies in West Africa.

Madam Diop said the Dialogue will enable them contribute to the debate of various considerations and solutions.

Mr. Ali Bamba, Chair of the 26th Session of the Intergovernmental Committee of Senior Officials and Experts for West Africa, said the dialogue will equipp them with the specific challenges and prospects for West African countries to make a successful transition to green economies, in line with the development objectives of regional countries.

According to Mr Bamba, West Africa, holds 30% of the continent’s oil and natural gas reserves, and supplies around 10% of the world’s manganese, 8% of its bauxite and 7% of its uranium.

“Such wealth represents a real foundation, indeed a major opportunity, for a transition to green economies and inclusive, sustainable industrialization,” he revealed.

He added: “However, such a transition requires substantial financing in areas such as value chain creation, particularly for agricultural and energy transformation.”

Bmba said the fruitful discussions and the innovative ideas that would emerge from the dialogue, will contribute to the formulation of specific recommendations from West African countries that address its challenges and improve its prospects. He said it would be submitted to the 56th session of the Conference of African Ministers of Finance, Planning and Economic Development (CoM 2024).

Professor Malick Sane during the virtual meeting said the region should adopt sustainable development consolidated in action that can be complemented at International level.

Mr Sane said the region should adopt innovative approaches through the involvement of stakeholders in State budgeting and inclusion of local authorities in budgeting, which is very key.

The CoM 2024 will be held from 28 February to 5 March 2024 in Victoria falls in Zimbabwe.