ADDIS ABABA, Feb. 16 (Xinhua) -- As deep-rooted scars of transatlantic slavery and colonization still harm Africa, the 1.5 billion-populated continent is heading toward unity, self-determination, and collective prosperity with initiatives unveiled at the 38th African Union (AU) Summit.

Under the theme "Justice for Africans and People of African Descent Through Reparations," this year's 55-member gathering unfolded from Wednesday to Sunday at the AU headquarters in Addis Ababa, the capital of Ethiopia.

Beyond financial compensation, there is a united call for economic integration, which seeks to dismantle structural inequalities and establish Africa as an influential player on the global checkerboard.

ECONOMIC DISPARITIES EXPOSED

While Africa boasts rich natural resources, the world's largest free trade area, and a market of more than 1 billion people, the continent has been suffering from resource extraction without development, undervaluation of its economies in global credit ratings, and systemic barriers to trade and investment.

During the opening of the 46th Ordinary Session of the AU Executive Council, Executive Secretary of the United Nations Economic Commission for Africa Claver Gatete brought to the table the issue of "stark inequalities" plaguing the continent.

According to Gatete, Africa holds 30 percent of the world's mineral reserves, including 40 percent of its gold and up to 90 percent of its chromium and platinum. It also contains as much as 65 percent of the world's arable land.

Despite its rich resources, Africa merely accounts for less than 3 percent of international trade and only 1 percent of the world's manufacturing output.

"In global finance, it is also unjust that the entire African continent, with over 50 countries, has an IMF (International Monetary Fund) shareholding equal to that of a single country, Germany," Gatete said. "Only two African countries -- Botswana and Mauritius -- hold investment-grade ratings, while others, despite sound economic fundamentals, are burdened with high-risk labels."

Moreover, Africa received merely 2 percent of the 10-trillion-U.S.-dollar investment globally in clean energy between 2015 and 2022, but climate change is costing Africa up to 5 percent of its gross domestic product (GDP), he added.

"The transatlantic slave trade and colonial exploitation robbed Africa of its people, resources, and dignity, and left behind inequalities that persist in global financial systems, trade structures, and governance institutions till this day," Gatete warned.

ECONOMIC INTEGRATION ROADMAP OUTLINED

On Thursday, the African Development Bank released a macroeconomic performance and outlook report, projecting a 4.1 percent real GDP growth for Africa in 2025 and 4.4 percent in 2026. Yet the growth remains below the 7-percent threshold to substantial poverty reduction.

To unlock a collective potential for development, discussions have been unfolding during the 38th AU Summit over the progress of intra-Africa economic integration, encompassing visa openness, the African Continental Free Trade Zone (AfCFTA), and the highly-anticipated establishment of the Africa Credit Rating Agency.

According to the AU, over 50 percent of African countries require visas for most Africans, which hampers labor migration, business and trade, skills, and innovation, slowing development.

A high-level strategic dialogue on accelerating visa-free movement for Africa's transformation was staged on the sidelines of the AU Summit, calling for political commitments to breaking down travel restrictions and strengthening regional integration.

Besides, the AfCFTA is on track to become the largest free trade area since the formation of the World Trade Organization, given Africa's current population of 1.5 billion people, which is expected to reach 2.5 billion by 2050.

In his final press conference as the AU commissioner for economic development, trade, tourism, industry and minerals, Albert Mudenda Muchanga revealed that work is underway with a readiness assessment toward an African customs union and a common market. "When we have a common external tariff, those who want to invest in this market with a great population will come," he said.

Since the 46th Ordinary Session of the Executive Council commenced Wednesday, conversations about the establishment of the African-owned rating solution have also been reverberating through the AU headquarters, culminating in a presidential dialogue on Thursday.

Serah Makka, the ONE Campaign's executive director for Africa, was one of those present at the closed-door event. "It was heartening to see a conversation that's been ongoing for several months and years into a launch of the Africa Credit Rating Agency. It's the first very important step on a longer journey of addressing the cost of capital for Africa," said Makka.

Noting the oligopoly of Big Three over global markets, Makka believed that the Africa Credit Rating Agency, officially launched in June, would "check and challenge" their conclusions.

"When the oligopoly puts a rating on a country, we have a checker inside the continent and based on our own methodology. It allows for more robust dialogue," she told Xinhua, expressing confidence that the homegrown agency would help address the cost of capital and attract more development funding.

AFRICANS DEFINE AFRICA

"The time for justice has come, and is now," said outgoing AU Commission Deputy Chairperson Monique Nsanzabaganwa, speaking at a side event during the summit.

Nsanzabaganwa's stance resonated with other delegates on-site, as well as with scholars. They shared the belief that the continental reparations agenda arrived not as a plea for charity, but rather a wake-up call for Africans to define their path toward independence, self-reliance, and development.

"In Africa, we are saying 'let's have collective sovereignty.' We are creating a continental economy, starting with AfCFTA. In that way, we are subduing nationalism in the interest of Pan-Africanism," said Muchanga, the outgoing AU trade commissioner.

For him, independence lies in having "good leverage" at the continent's disposal, while the best way to negotiate from a strong position is through a growing economy. "We have to integrate so that we have a greater voice. We should continue engaging with the rest of the world for the best of mutual benefit," Muchanga added.

As a long-time observer of African policies, Makka emphasized a unified voice as "Africa's superpower," which can translate into a "collective bargaining capacity" to secure better deals for Africans and their descendants.

"Important developments are happening in Africa, such as South Africa's G20 presidency, the launch of the Africa Credit Rating Agency, and the AU elections. In the micro and macro level, Africa is organizing itself," said Makka.

On Saturday night, Djiboutian Minister of Foreign Affairs and International Cooperation Mahamoud Ali Youssouf was elected as the new AU Commission chairperson for the 2025-2028 term.

As the calls for correcting historical injustices and pursuing united prosperity grow louder, the 59-year-old diplomat has taken the promotion of Africa on the international stage as one of his key priorities.

"Africa must assert itself as an influential player in global policy discussions, advancing its economic and developmental interests," Youssouf said in his vision statement.

Meanwhile, Balew Demissie, a communication and publication consultant at the Policy Studies Institute of Ethiopia, shed light on the multifaceted nature of independence for Africa.

"To be independent, African countries should work together, united as one. Not only economic independence, they need to first have their own thinking and think as one," said the scholar. Enditem

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