Africa Demands Urgent Financial System Reform, Cites 88 Billion USD in Annual Losses at UN General Assembly

Addis Ababa, September 25, 2025 (ENA) -- At the 1st Biennial Summit for a Sustainable, Inclusive and Resilient Global Economy, convened on the sidelines of UNGA80, & chaired by the UN Secretary-General Antonio Guterres.

During the meeting, the Chairperson of the African Union Commission, Mahmoud Ali Youssouf, emphasized that “reforming the international financial system is no longer optional, but an urgent imperative.”

 

He underscored that Africa faces rising debt, high capital costs, and illicit financial flows draining 88 billion USD annually.

To break cycles of dependency, he stressed the need to strengthen African institutions and capital markets, as well as to establish an African Credit Rating Agency.

Integrating African perspectives in global tax cooperation and ensuring sustainable debt solutions are also other measures proposed by Youssouf.

 

Chairperson of the African Union Commission further noted that the AU “welcomes the consensus on scaling up development finance,” but cautioned that “what matters now is turning commitments into action—to deliver on the SDGs - Africa’s Agenda 2063.”

He added, “Together with the UN and global partners, we stand ready to transform consensus into results that change lives.”