African central bank governors, finance ministers meet in Abuja to push for fair global financial system

African Central Bank Governors are set to converge in Abuja from today with the push for deeper intra African trade and change in the global financial architecture, which is presently skewed against the continent, topping the agenda. The African Caucus’ primary goal is to address intra-African trade as a crucial catalyst for sustainable economic growth […]

African Central Bank Governors are set to converge in Abuja from today with the push for deeper intra African trade and change in the global financial architecture, which is presently skewed against the continent, topping the agenda.

The African Caucus’ primary goal is to address intra-African trade as a crucial catalyst for sustainable economic growth and to prepare input for the International Monetary Fund (IMF) and World Bank’s annual meetings to be held in Washington DC in October this year.

The African Caucus will be held in Abuja between August 1-3 at the Transcorp Hilton Hotel.

This year’s meeting comes against the backdrop of a sustained campaign for a relook at the global financial system, which African economic leaders agree favours developed economies to the detriment of developing countries, many of which are grappling with debt crises.

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The 2024 African Caucus Meeting is hosted by the Nigerian Minister of Finance and Coordinating Minister of the Economy, Wale Edun, who is also the Governor of the International Monetary Fund (IMF) and the World Bank Group (WBG) for the Federal Republic of Nigeria and Chair of the 2024 African Caucus.

“The primary goal of the meeting is to address intra-African trade as a crucial catalyst for sustainable economic growth and to prepare input for the IMF and World Bank’s annual meetings,” said the organisers ahead of the conference in a brief.

Among the notable keynote speakers at the Abuja meeting is Bank of South Sudan (Boss) governor, Dr James Alic Garang, who is credited with presiding over major reforms to integrate the world’s youngest country’s financial system.

Dr Alic who is the current chairman of the East African Community Monetary Affairs Committee (EAC) is set to speak on his experiences with the complex global set up as he navigates the task of integrating the country’s financial system to the complex global order.

“Undoubtedly, several issues top our regional and global agenda today, including the realisation that our planet faces unprecedented existential threats; that poverty is on the rise; and that geoeconomic fragmentation is on the upswing. Before the dust of post-COVID-19 pandemic era settled, new threats emerged, emanating from both negative humankind activity and natural calamities,” earlier said the US trained economist and academic don who previously worked with the International Monetary Fund and the World Bank in various capacities before assuming his current Central Banker role for Africa’s youngest country.

“It goes without saying that effects of climate change-floods and droughts-and geopolitical conflicts, for instance, pose significant risks and challenges for the conduct of monetary policy across the globe.”

The push for a fair global financial system is a pet project for Dr Alic as well as other African economic and political leaders including President William Ruto of Kenya, African Development Bank (AfDB) President, Akinwumi Adesina, Africa Export Import Bank (Afreximbank) President, Prof Benedict Oramah and United Nations Secretary General Antonio Gutteres who have spared no opportunity to talk about it during various forums within the continent and without.