The African continent needs $194 billion in additional financing annually to meet the Sustainable Development Goals (SDGs) by 2030, according to Philémon Yang, President of the United Nations General Assembly.
Speaking at a joint debate on the New Partnership for Africa’s Development during the 79th session of the UNGA in New York, Yang underscored the pressing need for both international support and systemic reforms to help Africa achieve its development goals.
Yang emphasized that despite the continent’s vast potential, significant barriers remain. He pointed to the importance of aligning Africa’s progress with the SDGs and the African Union’s Agenda 2063, a long-term framework aimed at transforming the continent’s economic and social landscape.
He called the current period a crucial time to accelerate efforts toward peace, prosperity, and sustainable development.
In his address, Yang highlighted the challenges facing Africa, including energy shortages, food insecurity, and debt distress.
What we know
While the continent is rich in natural resources, many countries still suffer from critical infrastructure deficits.
- He also drew attention to the $1.6 trillion financing gap, exacerbated by what he described as an inequitable global financial system, where high interest rates and debt servicing take precedence over investments in vital areas such as resilience and social services.
- “The current financial system prioritizes debt servicing over much-needed investments in development,” Yang said, urging for a more just and balanced approach to global financing that would allow Africa to build stronger foundations for growth.
- Despite these challenges, Yang noted Africa’s economic resilience, with growth in sub-Saharan Africa projected to rise from 2.6% in 2023 to 3.8% by 2025. He argued that with effective financial management, better domestic resource mobilisation, and the strategic use of debt as a development tool, African economies could fortify their growth trajectory.
Yang also stressed the importance of peace and political stability, particularly in conflict-affected countries like Sudan and Somalia, where instability continues to hamper development efforts. He called for comprehensive legal and societal reforms to address systemic inequality and promote the rule of law, which are critical to advancing both peace and sustainable growth on the continent.
Reaffirming his commitment to prioritising Africa’s development on the global stage, Yang concluded, “Africa must continue to rise in its pursuit of a peaceful and prosperous future.”
What to Know
Nairametrics previously reported that a new study by research consultancy Public First revealed Artificial Intelligence (AI) could contribute over $30 billion to Africa’s economy over the next decade. The report, commissioned by Google, underscores the transformative potential of AI and other emerging digital technologies, such as cloud computing, to fuel economic growth and address critical issues across the continent.
The report highlights the broad applications of AI, from improving healthcare outcomes to boosting agricultural productivity. AI’s integration could help tackle some of Africa’s most pressing challenges, driving sustained growth and enhancing resilience across sectors.
