Pursuit of Debt Reforms, Bolstering Africa’s Presence at the G21 can be Advanced through the Unity and Integration of the Continent

Finance and economic experts emphasized the crucial role of African unity and regional integration in advancing debt reforms and reshaping the global financial landscape. They urged African leaders attending the AU summit to translate unity rhetoric into concrete actions.

Jason Braganza, Executive Director of AFRODAD, highlighted Africa’s structural challenges, with over 30 countries facing debt distress due to dependence on raw commodity exports and finished goods imports. He stressed the need for a coordinated approach to showcase Africa’s value in global trade and commerce.

Mavis Owusu-Gyamfi, Vice President of ACET, called for a responsive global financial architecture that acknowledges Africa’s historical marginalization and current complexities. She advocated for fair allocations in international assistance programs such as the International Development Assistance and Special Drawing Rights.

Hannah Ryder, CEO of Development Reimagined, emphasized Africa’s continued reliance on external support to meet development goals. She underscored the necessity for an overhaul of the global financial system to address Africa’s needs and prevent unsustainable debt burdens.

Dr. Patrick Ndzana Olomo, Acting Head of Economic Policy and Research at the AU Commission, highlighted Africa’s admission to the G20 as an opportunity to address issues like illicit financial flows, which cost the continent billions annually.

These insights were shared during a media briefing organized by AFRODAD and Christian Aid, underscoring the importance of proactive engagement and collaboration in addressing Africa’s financial challenges.