Heads of State and Government, representing the Bureau of the Assembly of the African Union and Chairpersons of the Eight (8) Regional Economic Communities (RECs) as well as Regional Mechanisms (RMs) have adopted a Declaration of the 6th African Union Mid-Year Coordination Meeting which underscores the need to promote cooperation aimed at improving the standard of living for African citizens, maintain and enhance economic stability, foster close and peaceful relations among Member States, and harmonize national and regional policies to contribute to the development and the economic integration of the Continent.

The Heads of States and Government called upon the Member States, AU Commission, RECs, RMs and AUDA-NEPAD to strengthen their collaboration in the implementation of the African Integration Agenda, underscoring the role of member states in the allocation of adequate financial resources to ensure effective implementation of the integration agenda. The meeting equally endorsed the recommendations on accelerating the establishment of the African Union Financial Institutions (AUFIs) and scaling up Interoperability for Economic Integration using mobile money to buy and sell across Africa.

The Heads of State and Government took note of the conceptualisation and development of the Africa Team Flagship initiative by the AU Commission and AUDA-NEPAD in cooperation with African Continental Free Trade Area Secretariat; the Africa CDC; the African Peer Review Mechanism; the Pan-African Parliament; and the Regional Economic Communities. The initiative is an AU Flagship Resource Mobilisation Programme for the acceleration of the implementation of Agenda 2063 Second Ten-Year Implementation Programme. The Programme is expected to be launched in 2025.

Underscoring the importance of continental integration and the effective coordination between the African Union and the regional economic commissions to address the economic, social and security challenges the continent faces, and which continues to negatively impact Africa’s development, H.E. Mohamed Ould Cheikh Ghazouani, President of the Islamic Republic of Mauritania, and Chair of the African Union called for better integration of national development plans into continental programmes. “This ensures a better integration of the continent and promotes the uniqueness of its voice at the global level, particularly at the United Nations, the WTO, the IMF and the World Bank, as well as at the G20, thus giving it the means to contribute to the articulation of global agendas on critical issues for Africa, such as the reform of the global financial architecture, international tax cooperation, reducing illicit financial flows, and actions for financing sustainable development.”

The President highlighted that cooperation and integration would strengthen strategic planning and operationalization of critical continental infrastructure, such as regional power pools, transmission lines, and digital and transport infrastructure. He urged member states to redouble efforts in trade facilitation through the simplification, standardization and harmonization of related procedures and information flows to boost intra-African trade and leverage on the benefits of the African Continental Free Trade Area (AfCFTA), in terms of the free movement of goods, services and people. Read the full statement here

As Africa explores innovative financing, including the establishment of African Union Financial Institutions, that is the African Central Bank, the African Investment Bank, and the African Monetary Fund, and the Pan-African Stock Exchange, to support the Second Decade of Agenda 2063, H.E Nana Akufo-Addo, President of the Republic of Ghana, and the African Union Champion on the AU Financial Institutions underscored the urgency to consolidate the fragmented financial instruments to accelerate Africa’s development agenda. He stated, “by consolidating our development funding instruments, we can create a more cohesive and effective financial framework that ensures resources are allocated where they are most needed. This consolidation will not only streamline our efforts but will also improve our capacity to mobilise domestic and external resources efficiently. It will enable us to scale up our investments in key areas such as education, infrastructure, healthcare, and technology, driving comprehensive and sustainable development across the continent. He added, “another crucial proposal I would like to highlight is the initiative, made by Ghana at the last AU Summit, for African countries to deposit 30% of their sovereign reserves into African multinational banks, instead of allowing these resources to lie passively in foreign banks, often at negative interest rates. This initiative aims to heighten our self-reliance and reinforce the capacity of African financial institutions.”

To address the security lapses on the continent, the president called for the formulation of comprehensive strategies to enhance regional security cooperation, strengthen counter-terrorism efforts, and support conflict resolution initiatives, enhance mechanisms for intelligence sharing, capacity building for local security forces, and the mobilization of international support to tackle the threats of the multifaceted security issues. “We must address the pressing security issues in Sudan, the rampant terrorism in the Sahel, the ongoing struggles in the Horn of Africa, and the continuing conflict in the Democratic Republic of Congo, and make appropriate recommendations for the 2025 Summit of the Union. These regions are plagued by conflict, instability, and violence that hinder their development and pose a threat to the broader continental security.” Read the full statement here.

H.E. Moussa Faki Mahamat, Chairperson of the African Union Commission restated the potential of the African Continental Free Trade Area (AfCFTA) as an engine for growth and diversification of African economies, noting that AfCFTA is a lever that catalyzes structural reforms which, in turn, will facilitate wealth creation through improved economic governance, mobilization of financing and human capital. He added, “in connection with this observation, it would be desirable to go to major international meetings speaking with one voice. I have in mind here all the major forums of major importance, first and foremost the G20, of which we are now a member, and where strategic issues such as the reform of the international financial institutions, climate change, debt and the energy transition are discussed. [...] Our ability to build complementary relations between the AfCFTA and the Regional Economic Communities is fundamental for AfCFTA to base its activity on the achievements of the RECs, as prescribed by the Treaty that created it. This way, regional achievements would be exploited, thereby overcoming the obstacles to integration within the RECs and between Member States.”

The Chairperson at the same time lauded the progress made in the peace financing architecture of the African Union through the AU Peace Fund facility which has expanded its resource mobilization base to include the private sector and African Financial Institutions. At a high level event convened on 21st July 2024 on the margins of the Mid-Year Coordination Meeting, the African Union Staff, AfreximBank, Ethiopian Airlines, Standard Chartered Bank made financial contributions to the Fund, while the African Development Bank and the Tony Elumelu Foundation committed to support the resources mobilization efforts. “The goal of USD 400 million has been reached. Better still, the African private sector has committed itself to it. Yesterday evening, several African companies and banks announced substantial contributions. I would like to express my pride in the contribution of the staff of the AU Commission to the Fund. Peace is everyone's business and I hope that other Africans will contribute to it.” Read the full statement here.

The Mid-Year Coordination Meeting is an annual meeting of the African Union. To learn more about the meeting, visit, https://au.int/en/summit/coordination/6

For further information, please contact:

Ms. Doreen Apollos | Directorate of Information and Communication; African Union Commission | E-mail: ApollosD@africa-union.org

Mr. Molalet Tsedeke | Directorate of Information and Communication; African Union Commission | E-mail: molalett@africa-union.org | Tel: +251 11 518 2014/ +251 11 5182518 | Mobile: +132022159152

Mrs Wynne Musabayana| Head of Communication | African Union Commission | email: MusabayanaW@africa-union.org