External borrowing killing Africa fortunes: Set up an African monitoring fund

The African Union (AU) has long been a beacon of hope and unity on the African continent. Founded with the primary goal of promoting peace, stability, and prosperity, the AU has made significant strides in achieving its mission.

However, in the face of evolving challenges and the need for increased continental self-reliance, the AU must establish its Monitoring Fund. This fund would serve as a vital tool to strengthen the AU's capacity to address pressing issues, ensure transparency, and foster sustainable development across the continent.

The current landscape:

The African Union is composed of 55 member states, each with its unique set of challenges and opportunities. From conflict resolution to economic development, the AU's responsibilities are vast and multifaceted. Currently, the AU relies heavily on external funding sources, which can sometimes lead to limitations in its autonomy and effectiveness. The establishment of an African Union Monitoring Fund would help address these challenges in several key ways.

Financial independence:

One of the primary benefits of having its own Monitoring Fund is the increased financial independence of the AU. While external funding has been essential in supporting various AU initiatives, it comes with strings attached and often does not align perfectly with the AU's priorities. By establishing its fund, the AU can allocate resources according to its strategic objectives, ensuring that the needs of its member states are prioritized.

Enhanced monitoring and evaluation:

An African Union Monitoring Fund would enable more robust monitoring and evaluation of projects and initiatives across the continent. Currently, the AU relies on a combination of external organizations and donor countries for these tasks. However, this can result in fragmented and sometimes conflicting assessments. An internal fund would allow the AU to maintain greater control over the monitoring process, ensuring that evaluations are consistent, impartial, and in alignment with its objectives.

Rapid response to crises:

Africa has faced numerous crises, from armed conflicts to health emergencies. Having its own Monitoring Fund would empower the AU to respond more swiftly and effectively to these challenges. Instead of waiting for external donors to mobilize resources, the AU could tap into its funds to provide immediate support and assistance to member states in crisis.

Capacity building:

The AU's ability to address the complex issues facing the continent depends on the strength and capacity of its institutions. An internal Monitoring Fund could be used to invest in capacity-building initiatives, both at the organizational and member-state levels. This would enable the AU to better coordinate its efforts, implement its policies, and deliver tangible results to its constituents.

Transparency and accountability:

Transparency and accountability are essential principles for any organization, especially one tasked with promoting good governance and development. An African Union Monitoring Fund would provide a transparent mechanism for funding allocation and utilization. This transparency would enhance the AU's credibility and foster trust among member states and external partners.

Challenges and solutions:

Establishing an African Union Monitoring Fund is not without its challenges.

However, with careful planning and commitment, these challenges can be overcome.

Fundraising: The AU would need to establish a reliable source of funding for the Monitoring Fund. This could be achieved through a combination of member-state contributions, innovative financing mechanisms, and partnerships with the private sector.

Governance: To ensure the fund's transparency and effectiveness, robust governance structures and accountability mechanisms must be put in place. This includes establishing clear guidelines for fund allocation, project selection, and monitoring.

Capacity building: Building the capacity to manage a significant fund requires expertise and resources. The AU should invest in training and development programs to equip its staff with the necessary skills to manage the fund effectively.

Political will: The success of an African Union Monitoring Fund depends on the commitment and political will of member states. Diplomatic efforts should be made to garner support and consensus among member states for the establishment and operation of the fund.

In conclusion, I call on the kind attention of the current Leadership of the Union, H.E. Bola Ahmed Tinubu, the current chair because The African Union has made remarkable progress in advancing peace, stability, and development across the continent.

However, the time has come for the AU to take control of its financial destiny by establishing its Monitoring Fund. This fund would not only enhance financial independence but also strengthen the AU's capacity to address pressing issues, ensure transparency, and foster sustainable development.

The challenges are real, but they are surmountable with determination and strategic planning. By setting up an African Union Monitoring Fund, the AU would be taking a significant step towards a more self-reliant, empowered, and effective continental organization, better equipped to tackle the complex challenges facing Africa in the 21st century. Africa's future depends on the AU's ability to adapt and evolve, and this fund is a crucial part of that evolution.