Africa must assert its influence in global financial reforms – ACET Exec

Economist and Executive Vice President at Africa Center for Economic Transformation (ACET) Mavis Owusu-Gyamfi, has suggested that African leaders must prioritize ensuring that the ongoing reform process of the global financial system effectively bolsters economic transformation.

Ms. Owusu-Gyamfi indicated that it is imperative that they actively engage in shaping the emerging financial landscape to better serve the developmental needs of their nations and the continent as a whole.

According to her, ongoing global financial architecture reforms can help ensure a better fit-for-purpose system for African economies, and African leaders have to ensure that the global financial system that emerges from the current reform process effectively supports economic transformation

Speaking at the Presidential Dialogue on Africa’s Agenda for Reform of the Global Financial Architecture and launch of the Africa Club at 37 at this year’s Africa Union Summit in Ethiopia, she said “Your Excellencies, you have an unprecedented opportunity to ensure that the global financial system that emerges from the current reform process effectively supports our economic transformation.

Make space for our rapidly growing market and enable all of you to lay the foundation for a more prosperous future for every African.”

The global financial system is the worldwide framework of legal agreements, institutions, and both formal and informal economic action that together facilitate international flows of financial capital for purposes of investment and trade financing.

Further, she asserted that Africa is pushing for more concessional finance, a fairer debt framework, a more inclusive global tax system, and more climate finance and investment to help chart a green industrialization path for the continent.

“The stronger and more innovative you are, the more you can take advantage of the rapid reforms that we hope will happen globally to support our development. 

With your actions and advice today, you are creating a new trajectory for how we engage with the world. As policy institutes, we stand ready to work with you and help move Africa’s agenda forward in service of our continent and people.”

Over the past three years, she noted that Africa has to position itself strategically in the global financial architecture. “We have to own the narrative on what works for our continent.

We are currently operating in a global financial system that was created in the 1940s to address the challenges of that time. The world is finally rethinking how to make this system a better fit for today’s complexities.”

President Nana Akufo-Addo asked his colleagues to invest in African Multilateral institutions, establish an annual 

African Economic Summit, and shift from words to action.

The Africa Club aims to bolster and support Africa’s position and level the playing field.

By Eugene Davis