Kampala, Uganda, 8 April 2025 (ECA) – Ministers of finance, planning, and sustainable development, alongside central bank governors and development experts, gathered today in Kampala for a high-level pre-event focused on unlocking sustainable financing for Africa’s development. The meeting, held ahead of the Eleventh Session of the Africa Regional Forum on Sustainable Development (ARFSD), comes at a critical juncture as the continent faces mounting pressure to accelerate progress on the 2030 Agenda and Agenda 2063.
Amid stark findings showing that only 10 of the 144 measurable SDG targets will be achieved in Africa at the current pace, the forum sought to chart a more ambitious and action-oriented financing strategy. Africa’s annual financing needs have surged to an estimated US$1.3 trillion, demanding not only new sources of funding but also bold policy shifts and strategic implementation.
Opening the forum, Antonio Pedro, Deputy Executive Secretary of the UN Economic Commission for Africa (ECA), emphasized the importance of expanding Africa’s fiscal space through domestic resource mobilization. He called for greater formalization of the informal sector to broaden the tax base and urged countries to take a proactive role in reducing the cost of capital. “Improving Africa’s credit ratings through strategic de-risking measures is key to unlocking affordable financing,” he stated, noting that long-term growth would be driven by investment in value addition, regional trade, and clean energy innovations, including nuclear. He also underscored that sustainable development must be a shared compact—where governments, the private sector, and communities collaborate as equal partners to drive national progress, reinforcing the need for a multi-stakeholder approach to implementation.
Delivering the keynote address, Amos Lugoloobi, Minister of State for Finance, Planning and Economic Development of Uganda, underscored his country’s commitment to financing sustainable development through policy reform. “We are strengthening domestic resource mobilization, improving our tax systems, and aligning national budgets with the SDGs,” he said. Recognizing the continent’s growing fiscal challenges, he highlighted Uganda’s efforts to safeguard macroeconomic stability while promoting inclusive growth. “Despite rising debt, we are implementing proactive measures to maintain fiscal sustainability,” he affirmed.
The forum also stressed the importance of regional integration, with Minister Lugoloobi calling for accelerated implementation of the African Continental Free Trade Agreement (AfCFTA). “Removing trade barriers and promoting value addition are essential for enhancing Africa’s competitiveness and boosting intra-African trade,” he said.
Panel discussions throughout the day brought together experts from across the continent, tackling issues such as tax cooperation, debt governance, pension fund mobilization, climate finance, and public expenditure efficiency. Their recommendations fed into the Ministerial Panel session in the afternoon, laying the foundation for key messages that will inform high-level engagements at the ARFSD.
In his closing reflections, ECA Executive Secretary Claver Gatete delivered a powerful call to action. “We can no longer rely on aid and concessional loans. Our economies have grown, our challenges are deeper, and our solutions must be bolder. We must rethink, restructure, and take ownership of our development path,” he urged. Drawing on examples of successful financing innovations across the continent—from irrigation projects in Eritrea to blended finance in Rwanda—he emphasized the value of knowledge-sharing. “Africa holds many solutions. Sharing what works—and scaling it—is how we move from plans to progress.”
Wrapping up the day’s proceedings, Minister Lugoloobi stressed the urgency of moving from dialogue to delivery. “We now know the ‘what’. What Africa urgently needs is an implementation plan—concrete steps that translate our discussions into action,” he said, calling for mechanisms to track the implementation of commitments. “With just six years remaining to 2030, the time for change is now—sustainable action must happen at scale and speed.”
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