United Nations Secretary-General António Guterres emphasised the necessity of reforming the international financial system, describing it as outdated, dysfunctional, and unfair.
He made the remark at the opening session of the 38th Ordinary Session of the Assembly of Heads of State and Government of the African Union (AU) that kicked off on Saturday in Addis Ababa, the capital of Ethiopia.
“We will keep pressing together for an international financial architecture that is no longer outdated, dysfunctional and unfair.”
Correcting age-old injustices is essential to address here and now challenges he said, adding the good news is that we have many of the solutions we need.
He said the world must never forget that Africa is the victim of two colossal and compounded injustices. The profound impact of colonialism and the transatlantic slave trade.
He said the roots stretch back centuries, and the bitter fruit continues to affect Africans and people of African descent to this day.
“It is high time for reparatory justice frameworks to be put in place,” the UN Secretary-General suggested.
Decolonisation alone in itself was not a panacea, Guterres said noting that political independence did not free countries from structures based on exploitation and decades of economic, social and institutional under investments, hence, he stressed that it is high time reparatory justice frameworks was introduced.
The UN chief recalled that Africa was under colonial domination when today’s multilateral system was created, and that injustice endures.
He said “Look no further than the United Nations Security Council. There is no excuse that Africa still lacks permanent representation in the 21st century.”
Guterres reaffirmed UN’s commitment to working with the African Union and member states to ensure that Africa’s rightful representation and justice are realised.
MG/as/APA