By Eric Tataw – Tuesday March 5, 2019.
A vital meeting of the African Union has been held in Yaounde, capital of the Central African country of Cameroon, National Telegraph has been told.
According to our source, the Union’s experts converged on Palais des Congrès in Yaoundé, Monday, March 4, 2019, to work on creating African regional communities.
Reports say, for a period of time, African states have been working on a collective initiative towards an operative free movement of people and goods throughout the continent to no avail.
This is the main focus that propelled a specialized technical committee of the Union to converge on Yaoundé, our source said.
The meeting, National Telegraph has been told discussed on monetary integration in Central Africa. A source at the AU said; some countries have in the past resisted the notion of the Union and the harmonization of legal and institutional frameworks.
Going forward, National Telegraph is told, it’s under this backdrop that the Yaoundé meeting has been initiated to advance the process of implementing a tangible Sub-regional harmonization.
Speaking at the event, Cameroon’s Minister of Finance, Louis Paul Motaze said; Africa has 30% of the world’s natural resources. The challenge is to “Transform African economies to become stronger and more resilient, Motaze noted. Motaze went on that it’s important to create more jobs.
Africa, despite its numerous mineral resources, contributes only a paltry percentage to the world’s trade input and still imports almost everything, including currencies, a thing that has made her though rich, very remain poor.
The African Union know by its ellipsis as AU, is a union of countries of Africa, consisting of 55 member states founded on May 26, 2001, with headquarters in Addis Ababa, Ethiopia.