Africa pushes for reforms to global financial architecture

Africa is pushing for reforms to the global financial architecture in order to improve access to affordable finance, economic transformation, and job creation. These reforms aim to address debt restructuring, climate finance, concessional financing, digital development, and the mobilization of domestic capital to support the continent's development needs.

Ms Mavis Owusu-Gyamfi, President and CEO of the African Centre for Economic Transformation (ACET), stated that the global financial system is not adequately supporting Africa's economic and development ambitions. ACET and the Future of Development Cooperation Coalition (FDCC) are working to ensure that Africa's priorities are reflected in global financial policy discussions and outcomes.

The continent seeks a faster, more predictable, and fairer debt restructuring system, better integration of climate adaptation into development finance, and global cooperation to prevent the digital divide from widening while leveraging artificial intelligence (AI) and the digital revolution for economic growth. The FDCC and ACET are championing this initiative to reform the global financial architecture to better support development in Africa.

During an exclusive interview with the Ghana News Agency, co-chairs and members of the Coalition discussed these reforms on the sidelines of the coalition's third Commissioners' Meeting.