African Central Bank Governors Demand Reform Of Global Financial Architecture

Governors of African central banks have called for the restructuring of global financial architecture that is seen to have been designed against the continent that is obviously in need of access to finance to build infrastructure deficit.

I think this one is going to be one of the issues that will be tackled in the memorandum and also in the declaration, and that is the need to reform the global financial architecture. It revolves around nothing but I’ll just highlight three things: One is the need to to reduce the cost of borrowing and enhancing access to finance and also harmonizing policies among ourselves and ensuring that the voice of Africa is heard on the table,” Governor, Bank of South Sudan, and chair of the Monetary Affairs Committee for East African Community, Dr. James Alic Garang remarked on the sidelines of the just concluded 2024 African Caucus meeting in Abuja.

Deputy secretary general of the United Nations, Amina Muhammad and Ambassador Albert Muchanga of the African Union has emphasised on what needs to be done to ensure to better position the continent for growth. Muchanga said Africa should be allowed to sit at the table where decisions around global financial architecture are made.

Dr Garang said the African governors are very conscious about the level of youth unemployment in the region. He said as a result, there is going to be a section in the memorandum to be sent to the heads of World Bank and International Monetary Fund ahead of the coming annual spring meetings to make a case for Africa.

The Sudwn central bank governor said the memorandum to IMF/World Bank will focus on how to improve youth employment and opportunities across the board “because we have not seen this is not just for one country. It’s from East to South and West, to the east of Africa. And as a result, the governors are very, very concerned and will be ensuring that policies that focus on us agenda and youth employment will be addressed.”

In an exclusive interview, Garang said the meeting will focus on issues of access to energy, reduced cost of funds and Wats to grow the continent to respond to it’s many challenges. “And this is the area where African Development Bank and the World Bank are taking the lead role to support the continent,” he stated.