Washington D.C. – Minister of Finance Hon. Neal Rijkenberg, serving as Chairperson of the African Union Bureau of the Specialized Technical Committee on Finance, Monetary Affairs, Economic Planning and Integration (STC-FMEPI), delivered opening remarks at the Africa High-Level Working Group on the Global Financial Architecture. The meeting was convened by the United Nations Economic Commission for Africa on the sidelines of the 2025 IMF-World Bank Annual Meetings.
Rijkenberg highlighted the need for a unified African approach to debt reform, economic sovereignty, and reforms in global financial institutions to strengthen the continent’s voice and representation. “Our recent decisions through the eight specialized technical committees reflect a decisive council action and a common Africa position on debt. This represents a strategic shift in addressing Africa’s economic challenges and a declaration of agency and unity with the potential to break the cycle of indebtedness and put Africa on a path toward sustainable and self-financing development,” he said.
The minister outlined two key areas of focus for the continent. First, African nations must take decisive action on sovereign credit ratings, domestic resource mobilization, and curbing illicit financial flows through initiatives like the Africa Borrowers Club to deepen regional integration. “Our call is clear: we must strengthen Africa’s economic sovereignty,” Rijkenberg said.
Secondly, he urged fundamental reforms in global financial institutions. “Our message to the G20, IMF, and World Bank is unequivocal. We need to fix the common framework, embrace innovative tools, and amplify Africa’s voice and its representation,” he said.
Rijkenberg described the meeting as an opportunity to discuss Africa’s reform priorities ahead of upcoming gatherings, including the IMF World Bank Africa Focus meeting, the final G20 Finance Ministers meeting, the Central Bank Governors meeting, and the G20 leadership summit. He congratulated member states for their historic achievements in uniting on debt strategies and said that the continent is now better positioned to pursue sustainable and self-reliant development.
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