Professor Victor Harrison, the African Union (AU) commissioner for economic affairs, has reiterated the need for member states to work towards reducing dependency on handouts from sympathizers.

The continental body believes that by establishing financial institutions, Africa can be independent and have a voice on both the geopolitical and geo-economics’ arenas.

Harrison was speaking during the 12th Extraordinary Session of the AU Assembly on Friday July 5.

He said: “the creation of the African financial institutions is critical to mobilise African resources to transform African economies and finance infrastructure deficits for the successful implementation of the African Continental Free Trade Area, which is expected to be launched here tomorrow (Saturday July 6)."

“The African Union has, therefore, taken steps to fast-track the establishment of the African financial institutions. In this regard, the African Union is working with the economic communities and the Association of African Central Banks to finance macro-economic convergence criteria and time lines”.

The AU has been criticized for failing to solve issues affecting member countries. It is dependent on funding mostly from the Western States, an arrangement that has compromised the independence of Africa.

Harrison further encouraged member states to quicken the ratification of an investment bank and Africa Monetary Fund (AMF). He added:

Together with the African Stock Exchange Association, the African Union is preparing a strategy for the Pan African Stock Exchange.