AFRICA’S rising financial and climate challenges, with several countries facing debt distress and climate vulnerabilities, are a major concern, says Hanan Morsy, deputy executive secretary of the UN Economic Commission for Africa.
Since 2022, the ECA has been coordinating the African High-Level Working Group on the Global Financial Architecture, bringing together finance, planning and economic development Ministers alongside the African Union, African Development Bank, African Export-Import Bank, World Bank Group, and the International Monetary Fund.
The working group serves as a platform aimed at building consensus among African policymakers on key proposals for reforming the global financial architecture to reflect the changed times. “African countries spend between 5-15% of their GDP a year to handle climate impacts. This severely affects Africa’s ability to tackle [strategic] climate action,” says Morsy. african.business