African Union (AU) Commission Chairperson Mahmoud Ali Youssouf called for urgent reforms to the global financial system to unlock Africa’s full potential.
In a keynote speech Tuesday at the FFD4 High-Level side event in Seville, Spain, Youssouf emphasized the need to extend stronger financial support to Africa to address the continent’s development challenges.
Highlighting the need for reforming the international financial system, Youssouf called for “more voice and power for developing countries, particularly African nations” within global financial institutions.
He said the current global institutions were built at a time when most of Africa was under colonial rule and many of those institutions need to be reformed to help Africa meet UN Sustainable Development Goals (SDGs).
He said that private business and finance are not merely complementary, but catalytic for inclusive growth, job creation, and the green transition.
Youssouf noted the African Continental Free Trade Area (AfCFTA) as a game-changer for the continent and urged greater support for MSMEs, sustainable finance, & foreign direct investment.
“Africa is young, resource-rich, and ready,” he concluded. “Let’s align capital with its development priorities and build a 21st-century financial architecture that works for all.”
MG/abj/APA