https://en.sputniknews.africa/20240529/afdb-president-calls-for-fairer-global-financial-system-stronger-african-voice-1066790163.html
AfDB President Calls for Fairer Global Financial System, Stronger African Voice
AfDB President Calls for Fairer Global Financial System, Stronger African Voice
Sputnik Africa
Akinwumi Adesina, President of the African Development Bank (AfDB), has delivered a powerful call for a fairer global financial architecture that gives Africa... 29.05.2024, Sputnik Africa
2024-05-29T17:16+0200
2024-05-29T17:16+0200
2024-05-29T17:38+0200
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nairobi
zambia
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african development bank (afdb)
international monetary fund (imf)
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ethiopia
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Adesina highlighted the exclusion of Africa when the Bretton Woods institutions, the International Monetary Fund (IMF) and the World Bank, were established. He argued that the recent addition of a third IMF Board seat for Africa is a step in the right direction, but more needs to be done.While emphasizing Africa's growing strength through South-South cooperation, Adesina affirmed his belief in a collaborative future.The ex-Nigerian finance minister expressed confidence in Africa's future, pointing to its youthful population and entrepreneurial spirit.Addressing the debt situation in some African countries, Adesina described Africa as "a bit trapped" due to the rapid increase in the cost of servicing debt stemming from recent Eurobond issuance.He also commended the G20's common framework for facilitating debt restructuring, particularly in countries like Zambia, Chad, and Ethiopia. However, he criticized the slow pace of the process, calling for a quicker response to prevent potentially catastrophic consequences.
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AfDB President Calls for Fairer Global Financial System, Stronger African Voice
17:16 29.05.2024 (Updated: 17:38 29.05.2024) Muhammad Nooh Osman
Writer/Editor
Akinwumi Adesina, President of the African Development Bank (AfDB), has delivered a powerful call for a fairer global financial architecture that gives Africa a stronger voice in decision-making during the annual AfDB meetings in the Kenyan capital, Nairobi, on May 27-31.
Adesina highlighted the exclusion of Africa when the Bretton Woods institutions, the International Monetary Fund (IMF) and the
World Bank, were established. He argued that the recent addition of a third IMF Board seat for Africa is a step in the right direction, but more needs to be done.
"The global financial architecture is not addressing Africa’s issues nor delivering for Africa," he declared. "Our voice needs to be at the table. The global financial architecture needs to be creating fairness, equality, justice, representation and inclusiveness."
While emphasizing Africa's growing strength through South-South cooperation, Adesina affirmed his belief in a collaborative future.
"We should be looking at our ability to pool our energies and harness all our diversity for the good of the world. All our development banks cooperate, and now there isn’t a single project in Africa that we can’t finance – not one," the AfDB head stated.
The ex-Nigerian finance minister expressed confidence in Africa's future, pointing to its youthful population and entrepreneurial spirit.
"I’m an African. We have the potential to be great as a continent…We have 477 million people under the age of 25. Africa will be the workshop of the world and is full of entrepreneurs and young people able to take opportunities," Adesina said.
Addressing the debt situation in some African countries, Adesina described Africa as "a bit trapped" due to the rapid increase in the cost of servicing debt stemming from recent Eurobond issuance.
He also commended the G20's common framework for facilitating debt restructuring, particularly in countries like Zambia, Chad, and
Ethiopia. However, he criticized the slow pace of the process, calling for a quicker response to prevent potentially catastrophic consequences.
