Chairperson of the African Union (AU) Commission Mahmoud Ali Youssouf said the establishment of the AU Peace Fund is gaining momentum with member states having already raised approximately $400 million to support peace operations across the continent.
“We are trying to rely on our own resources for critical sectors such as peace, security, and development programs,” Youssouf said “Ultimately, the goal is to implement a 0.2% levy on eligible imports to sustainably finance our initiatives,” said Youssouf during media encounter held Monday in the Ethiopian capital, Addis Ababa.
The chairperson reaffirmed the African Union’s steadfast commitment to realizing the aspirations of Agenda 2063, while acknowledging progress made and articulating strategic imperatives for the continent’s future.
He also stated that the African Union is revisiting its peace and security architecture. “We are reforming the Peace and Security Council to make it more efficient … and we are establishing a continental early warning system to help prevent crises and conflicts before they escalate,” he said.
He said the continental bloc has introduced To reduce dependence on external resources and catalyze homegrown solutions, the Chairperson announced several innovative financial instruments including the African Diaspora Bonds to tap into over $95 billion in annual remittances and a continental e-commerce levy to harness the growing digital economy.
He also announced plans to establish an AU Sovereign Wealth Fund, aimed at ensuring long-term macroeconomic stability.
The Chairperson also affirmed the continent’s proactive engagement within the G20 framework, championing global financial architecture reforms, advocating for infrastructure investment, and prioritizing Africa’s trade and development interests.
He said the AU is accelerating the implementation of the African Continental Free Trade Area (AfCFTA) by addressing logistical bottlenecks and dismantling non-tariff barriers.
MG/abj/APA