AUC Chairperson Calls for Urgent Reform of Global Financial System to Unlock Africa’s Potential
African Union Commission (AUC) Chairperson H.E. Mahmoud Ali Youssouf has called for urgent reforms to the global financial system to unlock Africa’s full economic potential.
Delivering a keynote speech at the Fourth International Conference on Financing for Development (FID4) in Seville, Spain, the Chairperson emphasised that aligning global capital with Africa’s priorities is critical for inclusive growth, job creation, and climate resilience.
Speaking during the session on “Leveraging Private Business & Finance,” H.E. Youssouf described private finance not as a complement but as a catalyst for sustainable development.
He pointed to the African Continental Free Trade Area (AfCFTA) as a transformative framework for regional integration and economic acceleration.
“Africa is young, resource-rich, and ready,” he said. “Let’s align capital with our development priorities and build a 21st-century financial architecture that works for all.”
The Chairperson urged international stakeholders to increase support for Micro, Small and Medium Enterprises (MSMEs), promote sustainable finance, and scale up foreign direct investment across the continent.
He also highlighted the need to address barriers such as high borrowing costs and limited access to affordable finance for African nations.
His remarks came as UN Member States officially adopted the Seville Commitment — a new framework aimed at closing the estimated US$4 trillion annual SDG financing gap — and echoed broader calls for a more inclusive and equitable global financial system.
