Nialé Kaba Calls for Global Financial Architecture Reform at 59th AfDB Annual Meeting

The Minister of Economy, Planning, and Development, Nialé Kaba, called for a reform of the global financial architecture to achieve economic transformation in African countries and the Sustainable Development Goals (SDGs) by 2030. She made this appeal on Wednesday, May 29, 2024, in Nairobi, Kenya, during the 59th Annual Meeting of the African Development Bank (AfDB) Board of Governors and the 50th Annual Meeting of the African Development Fund Board of Governors.

According to Nialé Kaba, this reform should aim to reduce inequalities, enhance monetary stability, appropriately alleviate debt, and provide increased support for climate financing. She emphasized the need to adopt growth models focused on economic diversification, human capital development, ecological transition, and financial inclusion.

Despite its undeniable contribution to economic development, the current international financial architecture imposes significant constraints on Africa, she lamented. She further explained that Africa, which modestly contributes to global greenhouse gas emissions, faces a considerable climate financing deficit, estimated by the AfDB at $213.4 billion per year until 2030.