African leaders attending the 4th International Conference on Financing for Development (FFD4) in Seville, Spain, have issued a collective call for an urgent and comprehensive reform of the global financial architecture, deeming it inequitable and insufficient to support the continent’s development aspirations.
On the opening day of the conference, 51 African delegations, including heads of state, vice presidents, prime ministers, and ministers of finance or economy, articulated a unified stance that the current global financial system is ill-suited to meet Africa’s development needs.
Kenyan President William Ruto underscored the critical need for a more equitable global partnership, highlighting Africa’s pivotal and strategic role in global trade, industrialization, and innovation. “The current international financial architecture is flawed, inequitable, and unjust; it is unacceptable and must be completely reformed,” he declared. President Ruto advocated for responsible sovereign debt management, increased transparency, a reduction in the cost of capital, and expanded fiscal space for African nations. He also urged for a reform of the International Monetary Fund (IMF) to amplify the voice of developing countries and called for the adoption of trade rules that actively promote green production and climate transition initiatives.
Senegalese President Bassirou Diomaye Faye, in his remarks, emphasized the paramount importance of mobilizing domestic public resources as a central pillar for achieving sovereign, equitable, and sustainable development across the continent.
Malian Prime Minister Abdoulaye Maiga, representing his country’s transitional authorities, presented Mali’s vision for an ambitious reform of the global financial architecture. He also pressed for accelerated efforts to achieve the Sustainable Development Goals (SDGs) by the 2030 deadline and urged the international community to significantly increase its support for African countries. Throughout their presentations, African delegations consistently advocated for fairer access to international financing, more responsible debt management practices, and a strengthened partnership with key multilateral institutions such as the World Bank, the IMF, and the World Trade Organization (WTO).
The FFD4 conference, which is being held until July 3 at the FIBES Exhibition and Convention Center in Seville, is expected to culminate in the adoption of the Seville Declaration. This final document will outline concrete commitments for more inclusive development financing, specifically tailored to align with African priorities.
MB/ac/Sf/fss/ABJ/APA