AU Commission Chairperson urges Africa to capture greater value from resources, renews call for global Financial reforms

Addis Ababa, October 29, 2026 (FMC) — African Union Commission Chairperson Mahmoud Ali Youssouf has called for stronger African economic sovereignty, equitable global financial arrangements and expanded technology cooperation with Russia and other international partners to advance the continent’s development priorities.

Addressing the plenary session of the Third Russia–Africa Summit in Moscow on Thursday, Youssouf stressed the need for African countries to transform their abundant agricultural and mineral resources into tangible economic benefits for their populations through local processing, value addition and industrialization.

He underscored that Africa must move beyond exporting raw materials and strengthen its capacity to retain a greater share of the value generated from its natural resources, supporting industrial development and broader economic transformation.

The Chairperson also emphasized the importance of fair and favorable access to international capital markets, welcoming the establishment of the African Credit Rating Agency as a step toward strengthening the continent’s financial sovereignty and addressing persistent challenges associated with credit ratings.

He called for comprehensive reform of the international financial architecture to make it more equitable, inclusive and responsive to African countries’ development needs.

On global governance, Youssouf reiterated the African Union’s longstanding demand for fair and equitable representation in the United Nations Security Council, in accordance with the Ezulwini Consensus and the Sirte Declaration.

He also called for renewed international attention to the historical injustices of colonialism, including efforts to address its enduring legacy and advance recognition of colonialism as a crime against humanity.

Addressing technological disparities, the Chairperson stressed the need to bridge Africa’s digital divide, expand access to technology and strengthen the continent’s digital capabilities. He highlighted opportunities for enhanced cooperation with Russia and other international partners in technology transfer, innovation, capacity-building and digital transformation.

Youssouf reaffirmed the African Union’s commitment to respecting the sovereign choices of its member states in pursuing their development priorities, while advancing the vision of an integrated, prosperous and peaceful Africa under Agenda 2063, the continent’s strategic framework for inclusive and sustainable development.

He noted that the participation of African heads of state and government in the Moscow summit reflected the importance they attach to strengthening cooperation and advancing mutually beneficial relations with the Russian Federation.

The plenary session was co-chaired by Russian President Vladimir Putin and Burundian President Évariste Ndayishimiye, who also chairs the African Union.

Putin thanked Youssouf for his remarks and reaffirmed Russia’s commitment to its strategic partnership with the African Union Commission, commending the Commission’s role in strengthening bilateral cooperation.