UN chief advocates reform to address Africa’s $1.6trn financial gap

UN secretary general Antonio Guterres has advocated reform to address an annual development financing gap of up to $1.6 trillion facing Africa.

Mr Guterres made the call in a video message to the 12th session of the Africa Regional Forum on Sustainable Development, taking place in Adidas Ababa.

It 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 said the annual development financing gap of up to $1.6 trillion was aggravated by the debt crisis.

This, he said, can be achieved by building global solidarity to finance development and ensure Africa’s strongest possible participation across global financial institutions, in line with today’s economic realities.

Mr Guterres said the forum came at a moment of opportunity and urgency for Africa.

He spoke about the opportunity in the African Continental Free Trade Area, AfCFTA, rapidly expanding renewable energy potential, growing digital connectivity, and a young, skilled workforce.

The UN chief also spoke about addressing the challenges on the continent.
“Across Africa, countries are facing numerous obstacles to development. Hundreds of millions still lack access to safe water and electricity.

“Infrastructure gaps, rapid urbanisation, and rising trade barriers are constraining productivity. Conflicts and climate chaos are blocking progress across all sectors,’’ he said. NAN