Africa

Guterres calls for global financial overhaul, praises Africa’s rising leadership

Guterres said Africa is now central in discussions on how to reshape global financial systems that no longer match today’s realities. He argued that many global structures still reflect a world order created in 1945, which no longer fits current economic and political needs.

The United Nations Secretary-General António Guterres has urged deep changes in the global financial and governance systems, saying Africa is already taking the lead in pushing for fairer development, climate finance, and debt reforms.


Speaking on Tuesday at the Africa Forward Summit in Nairobi, he described Africa as an active force shaping global debates at a time when international systems are under heavy strain.


He said the summit captured both the urgency and direction of current global change, stressing that Africa is no longer waiting for solutions from outside. “The name of this summit captures both the moment and the mission: Africa Forward.


In one of the most turbulent global moments in living memory, Africa is not waiting. Africa is moving, and Africa is leading,” he noted.


Guterres said Africa is now central in discussions on how to reshape global financial systems that no longer match today’s realities. He argued that many global structures still reflect a world order created in 1945, which no longer fits current economic and political needs.


“African continents are driving one of the defining debates all of our time on how to reform a global financial architecture designed in 1945 for a world that no longer exists,” he stated.


He pointed to emerging African-led efforts such as debt negotiation platforms, reforms in multilateral development banks, credit rating systems, and global tax cooperation frameworks. According to him, these efforts show that Africa is not just part of the conversation but actively shaping new solutions.


“It is Africa leadership building new tools like the borrower's platform, so that the countries can speak as well and negotiate from strength, challenging the credit rating systems that blocks too many of the borrowing tools they need,” he noted.


The UN chief also praised ongoing work to strengthen domestic resource mobilisation and improve African financial institutions, including reforms within the African Development Bank.


He warned, however, that despite this progress, Africa continues to face deep structural barriers within the global system.


“This is not a continent waiting for solutions. This is a continent producing them, but let us be honest about what stands in Africa's way, a global system designed without Africa and still largely operating without Africa being century old injustices,” he said.


Guterres criticised the lack of African representation in key global decision-making bodies, especially the United Nations Security Council. “A continent of more than one and a half billion people with no permanent seats on the UN Security Council, without the voice, representation, and decision-making power it deserves inside the international institutions that shape the global economy,” he reiterated.


He also raised concern over falling international aid flows and rising debt pressure across African countries, describing the situation as a growing crisis of global solidarity.


On climate change, the UN Secretary-General warned that Africa is bearing a heavy burden despite contributing very little to global emissions. “Africa did not cause it. Yet the continent is warming faster than the global average, bearing the harshest consequences in displaced communities, lost armors and economic shocks,” he outlined.


He further noted that Africa holds major renewable energy potential that remains underused due to limited financing. “With the right finance, Africa could generate 10 times more electricity that it needs by 2040 entirely from renewables, yet 600 million Africans still live without electricity,” UN Chief explained.


Guterres also condemned long-standing extractive economic systems that deny African countries fair value from their natural resources. He called for stronger local processing and fairer global supply chains that allow African economies to benefit more from their own resources.


The remarks were made during the Africa Forward Summit in Nairobi, where leaders and delegates are discussing reforms in global finance, climate action, and development partnerships.

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