Secretary-General of the United Nations, António Guterres, has called for urgent reforms to the global financial system to address Africa’s annual development financing gap estimated at 1.6 trillion dollars.
Guterres made the appeal in a video message to the 12th session of the Africa Regional Forum on Sustainable Development holding in Addis Ababa.
The forum, themed “Turning the Tide: Transformative and Coordinated Actions for the 2030 Agenda and Agenda 2063,” brought together ministers, senior government officials, regional institutions, UN agencies, civil society groups, private sector players and development partners.
It aims to assess Africa’s progress on sustainable development and shape a common continental position ahead of global processes, including the High-Level Political Forum.
Guterres said the financing gap was worsened by the continent’s growing debt burden, noting that some African countries pay interest rates up to three times higher than global benchmarks.
According to him, this limits governments’ ability to invest in critical sectors needed for sustainable development.
He stressed the need to reform the international financial architecture, a demand reinforced by UN member states under the Sevilla Commitment.
The UN chief urged stakeholders to adopt integrated development strategies, including investments where clean energy supports industrial growth, infrastructure boosts trade, and technology drives job creation.
He also called for stronger global solidarity to mobilise financing for development and ensure Africa has greater representation in international financial institutions in line with current global economic realities.
Guterres further advocated increased investment in Africa’s electrification and a just transition to renewable energy.
He noted that the forum comes at a time of both opportunity and urgency for the continent, highlighting prospects such as the African Continental Free Trade Area, expanding renewable energy potential, rising digital connectivity and a youthful workforce.
However, he pointed out that Africa continues to face significant challenges, including limited access to safe water and electricity for millions, infrastructure deficits, rapid urbanisation, rising trade barriers, conflicts and climate-related disruptions.
“Together, let us turn the tide for Africa and the world,” Guterres said.
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