The G7 leaders have
backed Kenyan President William Ruto's call for a more equitable and inclusive
international financial architecture to drive Africa's development. During the
recent G7 summit in Italy, President Ruto urged the leaders to champion reforms
that would provide the Global South, particularly Africa, with access to
concessional and long-term finance.
The G7 has committed to
modernizing the international financial architecture to address contemporary
global challenges. They have pledged to support initiatives like the G20
Compact with Africa and the Paris Pact for People and Planet (4P), which aim to
enhance collaboration and increase financing for development, climate
solutions, and private sector investment.
The leaders stressed the
importance of domestic resource mobilization, as outlined in the Nairobi-Washington
Initiative, and promised to work with stakeholders to provide coordinated
support from multilateral development banks, facilitate favorable private
finance, and encourage private sector involvement.
The G7 has also committed
to increasing support for African nations striving for sustainable development,
democratic governance, and global stability. They plan to align their efforts
with the African Union's Agenda 2063 and the specific needs and priorities of
African countries, including enhanced food security, infrastructure, trade, and
agricultural productivity.
Furthermore, the G7
supports the operationalization of the African Continental Free Trade Area,
which they believe will be crucial for Africa's growth in the coming decade.
By: Nana Appiah Acquaye
