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This article is sponsored by UN ECA
This was in addition to the organization’s efforts to reform the global financial architecture to boost the profile of climate-responsive financing.
This was according to a review of the ECA’s key activities and achievements from April 2023 to February 2024 by Said Adejumobi, the director of ECA’s Strategic Planning, Oversight and Results Division.
The issue of carbon markets came up in the discussion, which hold significant economic value if utilized in an inclusive and effective manner.
To strengthen African countries’ capacity to unlock this value, the ECA has been consulting countries about how to develop and operationalize a framework for carbon markets.
Adejumobi said the institution is also helping countries to better quantify the positive impact of migration on their economies.
“Often immigration is criminalized on our continent, and we see it in a negative dimension. But migrants contribute substantially to the economies of their host countries.”
It is developing a national digital trade integration index to monitor progress on digital trade and supporting countries to improve their statistics, reform their tax systems and develop capital markets.
Adejumobi detailed ECA’s work across five priority areas. Highlights included the adoption of the Integrated Planning and Reporting system (IPRT), which has enabled countries to streamline national development plans with the Agendas 2030 and 2063. The IPRT won the 2023 International Standards of Accounting and Reporting Honours.
Adejumobi called attention to the need to measure and identify illicit financial flows, noting: “What you cannot measure, you cannot fix. How do we measure illicit financial flows and how do we plus holes in our national economies?”
