The African Union Commission (AUC) and the African Center for Economic Transformation (ACET) have signed a Memorandum of Understanding (MoU) to strengthen collaboration in advancing Africa’s economic transformation agenda, in line with the aspirations of Agenda 2063.
Under the MoU, the AUC will promote the adoption of ACET’s Growth with DEPTH framework as a continental model for assessing progress towards economic transformation, while working with ACET to support Member States in strengthening their transformation pathways.
Developed by ACET, the Growth with DEPTH framework defines economic transformation in Africa as moving beyond growth alone to include economic diversification, enhanced export competitiveness, increased productivity, technological upgrading, and sustained improvements in human wellbeing, core objectives of Agenda 2063’s vision for a prosperous, inclusive, and resilient continent.
Commenting on the partnership, Mavis Owusu-Gyamfi, President and CEO of ACET, said the MoU marks a critical step in scaling support for African-led development solutions and deepens the already existing collaboration with the African Union on key economic transformation.
“Economic transformation is no longer optional; it is imperative. Africa has the knowledge, expertise, and institutions, like ACET, needed to drive its own transformation. This partnership with the African Union allows us to deepen and scale practical support to our countries as they build more productive, diversified, and resilient economies.”
“Economic transformation is no longer optional; it is imperative. Africa has the knowledge, expertise, and institutions, like ACET, needed to drive its own transformation. This partnership with the African Union allows us to deepen and scale practical support to our countries as they build more productive, diversified, and resilient economies.”
H.E. Francisca Tatchouop Belobe, AU Commissioner for the Department of Economic Development, Trade, Industry, Tourism and Mining (ETTIM), who signed the MoU on behalf of the AUC, reiterated the importance of the partnership at a critical moment when African countries are actively advancing institutional, financial, and economic reforms to ensure the sustainable development of their economies.
“Our partnership is both timely and strategic. We have been working with the Centre for several years and have greatly valued its contributions – particularly in the areas of taxation, domestic resource mobilization, and debt management. Their expertise has supported our efforts to strengthen public finances and build more resilient economies,” she stated, adding “This agreement marks the continuation and deepening of that cooperation. Together with the Department of Economic Development, Trade, Industry, Tourism and Mining, we are reaffirming our shared commitment to driving reform, strengthening institutions, and accelerating economic transformation across our states.”
The MoU, signed on Tuesday at the African Union Headquarters in Addis Ababa, Ethiopia, also commits ACET and the AUC to jointly advance Africa’s agenda on reforming the global financial architecture (GFA), as articulated in the Marrakech Framework for Action, and to identify additional reforms required to ensure that the global financial system better responds to Africa’s development needs.
This will include coordinated advocacy and amplification of Africa’s positions on GFA reform; tracking implementation and progress; and engagement at key global platforms and moments, including the G20, G7, United Nations General Assembly, COP meetings, and the Annual Meetings of multilateral development banks, as well as through traditional and digital media.
Beyond global financial reform, the MoU provides for collaboration on research and advocacy to support the capacitation, capitalization, and—where necessary—the establishment of African financial institutions critical to economic transformation. ACET will also serve as a knowledge partner to the AUC on economic transformation and related operational priorities, including supporting the development of the African Union’s G20 positions and strengthening its engagement as an effective and equal partner within the G20.
The partnership further includes joint research, advocacy, and communications on priority transformation areas such as green industrialisation, digital infrastructure, and gender equality, ensuring that timely and policy-relevant analysis reaches Heads of State and Ministers to inform decision-making. Where appropriate, ACET and the AUC will also publish joint positioning and thought leadership pieces on these issues.