South Sudan pushes for reforms in global financial institutions

According to the Central bank governor, several distinguished speakers spoke about the need to ensure Africa sits at the table where decisions around global financial architecture are made.

“These are some of the things that are going to be coming up in the memorandum. The other two things will of course be around issues to do with access to energy and this is the area where the African Development Bank and the World Bank are taking a lead to support the continent”, he said.

An annual event, the African caucus meeting was established in 1963 to strengthen the voice of African governors in the Bretton Woods Institutions (BWIs).

The theme of this year’s meeting, “Facilitating Intra-African Trade: Catalyst for Sustainable Economic Growth in Africa,” reflects the collective commitment of member countries to economically move the continent forward.

Garang said the Nigerian president, in a speech delivered by his deputy, Kashim Shettima Mustapha underscored the need for reforms that would put the continent on a good economic path.

He cited equitable financing as one of the issues to be tacked in the memorandum and the declaration.

Alic said unemployment was one of the issues that the governors are conscious of the level it has reached in the region and the continent, especially among the youth.

As a result, he said,  there will be a section in the memorandum that focuses on improving youth employment across the board because we have seen this is not just for one country.

“It is from east to south and from west to the north,” Alic explained.

“And as a result, the governors are very conscious and will be ensuring that policies that focus on youth agenda and youth employment will be formulated so that their issues are addressed”, he stated.

Nigeria’s President Bola Ahmed Tinubu said his administration is currently undertaking bold economic policies to propel Nigeria’s economy out of the downturns occasioned by multiple shocks in the global economy.

He also called for global cooperation among African countries to tackle their shared economic challenges and exploit opportunities.

Tinubu said although Africa is grappling with “numerous challenges across economic, humanitarian and social spheres,” countries must take necessary measures to translate opportunities in natural resources and human capital into growth, innovation and collaboration.

According to Tinubu, the caucus meeting as a vital platform to share experiences, forge partnerships, and chart a collective path forward.

“Africa’s story is one of resilience, creativity, and hope. Indeed, we have made significant strides in recent years, with many of our nations achieving remarkable economic growth, social progress, and political stability,” stressed the president.

He added, “Yet, obstacles such as increasing poverty, rising debt across many countries, inequality, and conflicts continue to widen the gap between our continent and the 2030 Agenda for Sustainable Development Goals. This is a matter of serious concern”.

Meanwhile the African Union Commissioner for Economic Development, Trade, Tourism, Industry and Minerals, Ambassador Albert Muchanga, emphasized the importance of domestic resource mobilization. 

“We must see the African market as a viable channel for domestic resource mobilization to address the issue of the continent’s sustenance”, he remarked.

(ST)