Speaking at the 46th Ordinary Session of the African Union’s Executive Council in Addis Ababa, Gatete emphasized that the current global governance structures have hindered Africa’s economic progress.

He urged for a reformed financial system where Africa has a stronger voice in shaping policies that impact its development.

Gatete also criticized Africa’s credit ratings, which are largely determined by external agencies that often apply unfair assessments.

With only Botswana and Mauritius holding investment-grade ratings, he advocated for the establishment of an African-led credit rating agency to provide more accurate and fair evaluations of the continent’s economies.

Highlighting the African Continental Free Trade Area (AfCFTA) as a transformative opportunity, Gatete stressed the need for investment in infrastructure and manufacturing to reduce Africa’s reliance on external markets.

He also called for the development of regional value chains to ensure that African resources are processed locally, creating jobs and driving industrialization.

The Executive Secretary of the United Nations Economic Commission for Africa, Amb. Claver Gatete, has called for a major overhaul of the global financial system.