Africa needs strong voice on global financial architecture reform — UNECA expert

Africa’s position on the global stage needs to be strengthened to allow the continent to fully participate in discussions on G20 initiatives such as the Common Framework, according to Hanan Morsy, Deputy Executive Secretary and Chief Economist at the United Nations Economic Commission for Africa (UNECA).

The Africa High-level Working Group on Global Financial Architecture (the Group), created by the United Nations Economic Commission for Africa (ECA), has emphasized the vital importance of amplifying the voice of African countries, Morsy wrote in a recent opinion published by the Mo Ibrahim Foundation (MIF), an African foundation based in London and Dakar.

According to Morsy, at the International Monetary Fund (IMF), the entire African continent — with a population of over 1.4 billion — has a comparable quota share and thereby voting power to Germany, which has a population of 83 million. To address these imbalances, the quota formula needs to be reformed, by creating a new category that considers a country’s vulnerability and not be solely based on members’ relative economic size and financial position.

Furthermore, Morsy notes that the Group strongly advocates for the African Union to finally obtain a permanent seat in the Group of Twenty (G20). This would further strengthen Africa’s position on the global stage and allow the continent to fully participate in discussions on G20 initiatives such as the Common Framework.

The Africa High-level Working Group on the Global Financial Architecture’s proposals shows that viable solutions exist to allow the Continent to reach its Sustainable Development Goals (SDGs). African ministers know what they want and are collectively advocating for change. To pave the way for a prosperous and sustainable future for all, the international community needs to listen and act now, Morsy concludes.