The maiden Biennial Summit for a Sustainable, Inclusive & Resilient Global Economy, convened alongside the 80th United Nations General Assembly (#UNGA80), became the stage for a compelling call to action.
Under the stewardship of UN Secretary-General António Guterres, the summit gained momentum with a standout address from African Union Commission Chairperson H.E. Mahmoud Ali Youssouf.
He asserted that “reforming the international financial system is no longer optional, but an urgent imperative,” positioning Africa at the forefront of global economic discourse.
Speaking to global leaders, Youssouf highlighted Africa’s mounting challenges, including rising debt, exorbitant capital costs, and illicit financial flows siphoning off $88 billion annually. To break the continent’s cycles of dependency, he outlined a bold roadmap: strengthening African institutions and capital markets, establishing an African Credit Rating Agency, integrating African perspectives into global tax cooperation, and securing sustainable debt solutions.
The AU Chairperson welcomed the emerging consensus on scaling up development finance, a critical step toward achieving the Sustainable Development Goals (SDGs) and Africa’s Agenda 2063.
However, he issued a firm caution: “What matters now is turning commitments into action—to deliver on the SDGs and Africa’s Agenda 2063.” Emphasizing collaboration, Youssouf affirmed, “Together with the UN and global partners, we stand ready to transform consensus into results that change lives.”
The summit, attended by key international stakeholders, underscores a pivotal moment for Africa’s economic future, with all eyes on how these proposals will shape global financial policies.
