Reforming Global Financial Structures in Africa to Enable Sustainable Development Financing

African leaders are sending a strong message to the upcoming Summit of the Future in September 2024 in New York. At the Africa Regional Forum on Sustainable Development (ARFSD-10), ministers and senior officials emphasized the urgent need for reform in global financial institutions and architecture to support sustainable development and financing in Africa.

The declaration released at the closing of ARFSD-10 in Addis Ababa highlighted the challenges faced by African countries, including conflict, inadequate financing, debt stress, climate change, and human rights violations. The ministers called for global financing mechanisms to provide equitable resources for sustainable development and urged for international tax governance reform.

Hanan Morsy, Deputy Executive Secretary and Chief Economist of the Economic Commission for Africa, emphasized the importance of financial investments in achieving the Sustainable Development Goals (SDGs) and Agenda 2063. She stressed the need for $1.3 trillion annually to reach the SDGs by 2030 and additional investments for mitigation and adaptation.

The ministers also expressed concerns about accessing climate finance and mobilizing capital from the private sector. They called for revitalizing institutions and channeling finance to accelerate the implementation of the 2030 Agenda and Agenda 2063. Resident and Humanitarian Coordinator, Ethiopia, Ramiz Alakbarov, emphasized the need for tangible commitments and domestic resources for peace and development in Africa.

Overall, the message from ARFSD-10 is clear – Africa needs financial support and reform to achieve sustainable development goals and address the continent’s challenges effectively.