African Finance Ministers Urged to Strengthen Economic Resilience Amid Global Crises


Tanzania’s Minister for Finance, Khamis Mussa Omar, has called on African countries to adopt a unified approach in designing and implementing short-, medium-, and long-term strategies that are both sustainable and inclusive, aimed at reducing dependency and strengthening the continent’s economic resilience in the face of global shocks and conflicts.

Ambassador Omar made the remarks in Tangier during the 58th session of African Ministers of Finance, Planning and Economic Development, and Central Bank Governors. He was contributing to discussions following a report by the United Nations Economic Commission for Africa, which assessed the economic and social impacts of the ongoing conflict in the Middle East on African economies.

He noted that several African countries, particularly those heavily reliant on tourism, are likely to be more adversely affected by the ongoing Middle East crisis. In Tanzania’s case, he emphasized that the government continues to closely monitor developments through coordination among sectoral ministries and institutions to determine appropriate policy responses that will safeguard economic stability and citizens’ welfare.

Ambassador Omar further highlighted that the conflict has disrupted trade flows, given the Middle East’s strategic role as a gateway between Africa and global markets. He underscored that this presents a timely opportunity for African countries to develop alternative trade routes and strengthen intra-African trade, especially among member states.

He stressed that Africa has long discussed the importance of effectively utilizing its natural resources, and that the current situation offers a critical opportunity to take decisive steps toward self-reliance. The continent, he noted, possesses abundant resources—including oil and fertilizers—which can be produced and accessed within Africa through enhanced cooperation, particularly under the framework of the African Continental Free Trade Area.

Ambassador Omar also emphasized the importance of ongoing discussions under the coordination of UNECA regarding reforms to the global financial architecture, aimed at ensuring Africa speaks with a unified and stronger voice in accessing affordable financing for sustainable development.

He concluded by noting that the success of such reforms will depend on strong unity and collaboration among African nations.

Meanwhile, some participants at the meeting underscored the need for African countries to adopt policies and strategies that remove barriers to trade and facilitate the movement of goods by opening borders. They also emphasized the urgency for Africa to increase domestic oil production and invest in alternative energy sources to address fuel shortages and rising energy costs, which continue to impact production and economic growth across the continent.




 

Comments

Post a Comment

Popular posts from this blog

Peace Is a Vital Resource for National Development, Must Be Protected – Mangu

Image
  Former Inspector General of Police in Tanzania, Ernest Mangu, has called on citizens to avoid actions that could disrupt peace and instead promote national unity, emphasizing that peace is a critical resource for the country’s development. Speaking in a special interview published by the Uhuru newspaper, Mangu warned that any signs of incitement or attempts to destabilize the nation should be condemned early, noting that the cost of losing peace is high and affects all sectors of the economy and social well-being. “We all have a responsibility to safeguard our peace. History shows that once peace is disrupted, the consequences are widespread, impacting the economy, investment, and people’s livelihoods,” he said. Mangu noted that Tanzania has built a strong reputation as a peaceful and stable country over the years, a factor that has helped attract investment and support social and economic activities. He stressed that these achievements must be protected and sustained through acc...
Read more

Treasury Registrar’s Office holds talks with Chinese Ambassador

Image
By the OTR Reporter Dar es Salaam. The Office of the Treasury Registrar (OTR) on Monday, May 18, 2026, held talks with the Chinese Ambassador to Tanzania, Chen Mingjian, and her delegation in a meeting aimed at strengthening economic cooperation, investment, and reforms of state-owned enterprises. The discussions took place during a visit by Ambassador Mingjian and her delegation to the Office of the Treasury Registrar (OTR) in Dar es Salaam. The meeting brought together the management of the OTR, led by Treasury Registrar Nehemiah Mchechu, and officials from the Chinese Embassy. The two sides discussed government investments, management of public companies, and strategic development projects. Speaking during the meeting, Mr Mchechu said the OTR is responsible for managing government investments in 308 entities and companies, out of which the government holds majority shares in 252. He noted that the total value of government investments in these entities stands at Sh92.3 trillion. He ...
Read more

Meteorological Update: TMA Forecasts Heavy Rains in Nine Regions Tomorrow

Image
  The Tanzania Meteorological Authority (TMA) has issued a weather advisory forecasting heavy rainfall across nine regions of the country tomorrow, as part of its ongoing seasonal outlook. According to TMA, the anticipated rainfall will be associated with strong winds and thunderstorms in several areas, particularly within the coastal belt and parts of the highlands. The agency noted that these weather conditions are driven by prevailing atmospheric instability and moisture influx over the region. Rainfall intensity is expected to be significant in the highlighted regions, raising the likelihood of localized flooding, especially in low-lying and flood-prone areas. Disruptions to transport and daily activities are also anticipated in areas that will experience prolonged downpours. TMA has urged the public to stay updated with official forecasts and advisories, and to take precautionary measures to reduce potential risks. Residents in vulnerable locations have been specifically advis...
Read more