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Joint Statement by African Presidents Calls for Global Financial System Reform

Presidents Nana Akufo-Addo of Ghana, William Samoei Ruto of Kenya, and Hakainde Hichilema of Zambia have united to demand reform of the global financial system in a joint statement published in the prestigious ‘Economist’ Magazine.

The statement, which emphasizes the need for a fairer treatment of Africa within the global financial architecture, underscores the urgency of addressing the continent’s pressing financial challenges. The trio highlights their firsthand experience of the financial precariousness faced by many African nations, particularly in terms of debt and development finance.

Acknowledging the need for more than just adjustments, the presidents call for a comprehensive overhaul of the current system, placing Africa at the center of these reforms. They assert that African leaders must play an active role in shaping global regulations and agreements that impact the continent, refusing to sign onto any initiatives that lack African input.

The statement outlines several critical steps toward achieving economic development and emancipation for Africa. These include ensuring sufficient access to concessional finance through institutions like the World Bank’s International Development Association (IDA), investing borrowing in the continent’s growth and job creation, and fostering intra-African trade partnerships.

Furthermore, the presidents announce the establishment of the Africa Club, an alliance of African multilateral financial institutions aimed at negotiating on behalf of the continent and leveraging African countries’ balance sheets to increase investment and jobs.

In a bid to bring the world to Africa, Ghana proposes an annual African Economic Summit, with Kenya slated to host the first summit in 2025, followed by Zambia and Ghana in subsequent years.

The joint statement underscores the importance of speaking with one voice on the reform agenda and outlines ambitious yet achievable targets, including increasing Africa’s role in global decision-making and finding robust solutions to the debt crisis.

President Akufo-Addo, President Ruto, and President Hichilema emphasize the imperative of transitioning from talk to action in 2024, asserting that faith without works is dead. They call for a fairer global system that prioritizes Africa’s interests and ensures its equitable participation in the global financial landscape.

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