UN Secretary General, Antonio Guterres has advocated reform to address an annual development financing gap of up to 1.6 trillion dollars facing Africa.
Guterres made the call in a video message to the 12th session of Africa Regional Forum on Sustainable Development, taking place in Adidas Ababa.
The Forum, convened under the theme: “Turning the Tide: Transformative and Coordinated Actions for the 2030 Agenda and Agenda 2063.”
It brings together ministers, senior government officials and regional institutions, United Nations entities, civil society, the private sector and development partners.
The forum aims to review Africa’s progress and shape the continent’s common position ahead of global sustainable development processes, including the High-Level Political Forum.
The UN chief said the annual development financing gap of up to 1.6 trillion dollars was aggravated by the debt crisis.
“Some African countries must pay interest rates up to three times more than benchmark rates, leaving limited fiscal space to invest in sustainable development.
“This is yet another clear example of the need to reform the international financial architecture, a call reinforced by Member States in the Sevilla Commitment.
“Your theme reminds us that we can “turn the tide.”
“By investing in integrated solutions, where clean energy drives industry, infrastructure enables trade and technology powers jobs,’’ he said.
This, he said, can be by building global solidarity to finance development and ensure Africa’s strongest possible participation across global financial institutions corresponding to the realities of today’s economy.
“Also, by summoning massive investment in Africa’s electrification and a just transition to renewable energy.
“Together, let’s turn the tide for Africa and our world.’’
Guterres said the Forum came at a moment of opportunity and urgency for Africa.
He spoke about the opportunity in the African Continental Free Trade Area, AfCFTA, rapidly expanding renewable energy potential, growing digital connectivity, and young, skilled workforce.
The UN chief also spoke about addressing the challenges on the continent.
“Across Africa, countries are facing numerous obstacles to development.
“Hundreds of millions still lack access to safe water and electricity.
“Infrastructure gaps, rapid urbanisation, and rising trade barriers are constraining productivity.
“Conflicts and climate chaos are blocking progress across all sectors,’’ he said.
