The Minister of Finance, Hon. Ambassador Khamis Mussa Omar, has called on African countries to have a common vision in designing and implementing short, medium and long-term strategies, which are sustainable and inclusive, that will reduce dependency and strengthen the resilience of the African continent’s economy to cope with disasters and ongoing conflicts in the world.
Hon. Ambassador Omar made the call in Tangier, Morocco, at the 58th Meeting of Ministers of Finance, Planning and Economic Development and Governors of African Central Banks, while contributing to the discussion following the report of the United Nations Economic Commission for Africa (UNECA), which analyzes the impact of the ongoing crisis in the Middle East and how it has brought negative economic and social impacts on the African continent.
He noted that some African countries, especially those dependent on the tourism sector, may be more affected by the ongoing Crisis in the Middle East. On the Tanzanian side, he noted that the Government continues to closely monitor the development of the crisis through cooperation in its Sectoral Ministries and Institutions, in order to identify appropriate policy measures that will protect the economic well-being and interests of the people.
He also explained that although the crisis has affected trade flows because the Middle East region is an important trade gateway between Africa and international markets. Therefore, it is high time for Africa to see the importance of having an alternative way to do business, especially among member countries.
Ambassador Omar emphasized that for a long time, Africa has been discussing the importance of using its resources properly, and that the current situation provides an opportunity to take decisive steps to become self-reliant using its resources.
He explained that the African continent has sufficient resources, including oil and fertilizers, which can be produced and obtained within the continent through cooperation, especially the African Continental Free Trade Area (AfCFTA).
