New York, 29 April 2025 - “With the Fourth Financing for Development Conference (FfD4) in Seville, Spain, just two months away, Africa has a once-in-a-generation opportunity to rewrite the rules of global finance, so they serve as a bridge to Africa’s sustainable development.” Mr. Claver Gatete, Executive Secretary of the Economic Commission for Africa (ECA), made this statement in his opening remarks at a side event during the Fourth Preparatory Committee (PrepCom) for FfD4 on 29 April 2025.
Co-organised by the ECA and the African Union Commission (AUC), the event aimed to review Africa’s priorities for the FfD4 scheduled for 30 June to 3 July 2025, building on outcomes from regional consultations, and to identify key actions to ensure the FfD4 agenda aligns with Africa’s development needs.
Stressing the need to strengthen domestic resource mobilization and tackling illicit financial flows, Mr. Gatete said that as long as US$89 billion escapes African economies each year, true resilience will remain out of reach.
“It is essential that we broaden tax bases, optimize tax systems through digitalization and plug the leaks that drain the continent’s potential,” he said and stressed the need to push forward the Framework Convention on International Tax Cooperation, “to ensure that global tax rules are made with Africa and not for Africa.”
Mr. Gatete addressed the side event following the “Spring Meetings” of the World Bank Group and the IMF and reiterated the need to reform the global financial architecture. In addition, he called for a multilateral sovereign debt workout mechanism, comprehensive reform of the G20 Common Framework, an immediate interest moratorium and the establishment of a global debt authority to ensure fair, timely and transparent restructuring processes.
“African countries are struggling to invest in critical sectors, like health, education and innovation, due to unsustainable debt. It is unacceptable that today, more than 20 African countries are either already facing debt distress or are at imminent risk,” he said.
He also underscored the need for fair and equitable access to climate finance, noting that Africa is the least responsible for climate change, yet it pays the highest price for its impacts. Despite contributing less than 4% of global emissions, the Continent faces rising costs of adaptation and mounting barriers to climate finance.
“We must reform global climate finance systems to prioritize grants over loans, adaptation over mitigation and justice over expediency,” he said, adding that Africa’s natural capital must be properly valued and not just exploited.
The Executive Secretary reiterated his earlier call during the week, for the reform of multilateral development banks and international financial institutions to match today’s global realities. While he applauded the African Union’s and South Africa’s inclusion in the G20 and the incremental gains at the IMF and World Bank, he said Africa calls for a full reform of quota systems, a recalibration of voting rights and a development finance architecture that puts the Continent's priorities including climate resilience, industrialization and human capital at its heart.
Mr. Gatete also urged for “an African Financing for Development Accountability Platform” to track the FfD4 commitments and progress, expose gaps and accelerate real change and underscored the need to institutionalize robust accountability and data systems.
“Without data, progress cannot be assessed. And without accountability, promises are immeasurable,” he said.
He further stressed the need to unlock private capital for development as public finance alone cannot bridge the continent’s investment gap, estimated at $100–$150 billion annually.
“Africa cannot finance its future if private investment remains shackled by perceptions of risk - efforts are needed to unlock private sector participation by de-risking investments and creating new financing options. We must strategically deploy blended finance, enhance creditworthiness through more accurate and objective sovereign credit ratings, expand guarantee mechanisms and develop instruments such as green bonds, diaspora bonds and securitized portfolios,” he said.
A joint presentation was delivered by Mr. Patrick Ndzana Olomo, Acting Director of the Department for Economic Development, Trade, Tourism, Industry, and Minerals at the AUC, and Mr. Gamal Eltaib Ibrahim, Chief of the Economic Governance and Public Finance Section in the Macroeconomic Analysis, Finance and Governance Division at ECA. The presentation outlined key recommendations from Africa’s consultations in preparation for FfD4. It emphasized that Africa’s negotiation strategy should be anchored in fair global systems, national ownership and leadership, and a commitment to sustainable development and inclusive growth. It should also be guided by strategic flexibility, prioritization of high-impact issues, and unity and collaboration to amplify Africa’s voice and advocate for its priorities at all levels.
Panellists highlighted the importance of strong country ownership, effective domestic resource mobilization, and the urgent need for comprehensive reform of the global financial architecture. They called for an ambitious and actionable reform package to catalyze investments in sustainable and inclusive development at scale. The discussion also stressed the urgent need for binding commitments, clear accountability mechanisms, and enhanced technical support to ensure real progress toward achieving Agenda 2063 and the Sustainable Development Goals (SDGs).
Given the persistent gap between commitments and implementation in past FfD conferences, participants strongly urged member countries, international institutions, civil society, and the private sector to take concrete, measurable actions, and to be held accountable for the commitments that will be made at FfD4.
The panel was moderated by Mr. Abdoul Salam Bello, Chief of Policy Development and Coordination, Monitoring and Reporting Services at the United Nations Office of the High Representative for the Least Developed Countries, Landlocked Developing Countries and Small Island Developing States (UN-OHRLLS).
Present at the meeting were Ambassador Chola Milambo, Permanent Representative of Zambia and FfD4 Co-Facilitator; Alimamy Bangura, Chief Economist and Director of the Macro-Fiscal Policy Division, Ministry of Finance, Sierra Leone; Sophia Tesfamariam, Permanent Representative of Eritrea to the United Nations and Chair of the Africa Group; Mr. Navid Hanif, Assistant Secretary-General for Economic Development, UN DESA; and Ms. Chenai Mukumba, Executive Director, Tax Justice Network Africa.