Addis ababa: UN Secretary General, Antonio Guterres has advocated reform to address an annual development financing gap of up to 1.6 trillion dollars facing Africa. Guterres made the call in a video message to the 12th session of Africa Regional Forum on Sustainable Development, taking place in Adidas Ababa.
According to News Agency of Nigeria, the Forum, convened under the theme: ‘Turning the Tide: Transformative and Coordinated Actions for the 2030 Agenda and Agenda 2063,’ brings together ministers, senior government officials, regional institutions, United Nations entities, civil society, the private sector, and development partners. The forum aims to review Africa’s progress and shape the continent’s common position ahead of global sustainable development processes, including the High-Level Political Forum.
The UN chief highlighted that the annual development financing gap of up to 1.6 trillion dollars is exacerbated by a debt crisis. He noted that some African countries must pay interest rates up to three times more than benchmark rates, which limits their fiscal space to invest in sustainable development. Guterres emphasized the need to reform the international financial architecture, a call reinforced by Member States in the Sevilla Commitment.
Guterres urged investment in integrated solutions where clean energy drives industry, infrastructure enables trade, and technology powers jobs. He called for building global solidarity to finance development and ensuring Africa’s strong participation across global financial institutions that align with today’s economic realities. He also advocated for massive investment in Africa’s electrification and a just transition to renewable energy.
Guterres stated that the Forum comes at a moment of opportunity and urgency for Africa, citing the potential of the African Continental Free Trade Area (AfCFTA), rapidly expanding renewable energy prospects, growing digital connectivity, and a young, skilled workforce. However, he also acknowledged the numerous development challenges facing the continent, including lack of access to safe water and electricity for hundreds of millions, infrastructure gaps, rapid urbanization, and rising trade barriers that constrain productivity.