In a compelling keynote address at the FID4 Summit in Seville, themed “Leveraging Private Business & Finance,” the Chairperson of the African Union Commission (AUC), H.E. Mahmoud Ali Youssouf, called for urgent and far-reaching reforms to the global financial system to support Africa’s development ambitions.
Speaking to an international audience of policymakers, investors, and private sector leaders, Chairperson Youssouf highlighted the pressing need to align global financial structures with Africa’s strategic priorities. He asserted that private business and finance are not just complementary forces in development, but catalytic drivers of inclusive economic growth, job creation, and the continent’s green transition.
“The global financial architecture must evolve,” he stated. “To unlock Africa’s full potential, we must ensure that financial flows and investment mechanisms support the realities and aspirations of our people.”
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Youssouf pointed to the African Continental Free Trade Area (AfCFTA) as a transformative opportunity that could reshape the continent’s economic landscape. With the AfCFTA poised to boost intra-African trade and industrial development, he called for greater international and domestic support to bolster micro, small, and medium-sized enterprises (MSMEs), expand sustainable finance, and attract more foreign direct investment (FDI).
He emphasized that Africa’s youth, abundant natural resources, and growing markets position the continent as a global engine of growth, provided that the right financial infrastructure is in place.
“Africa is young, resource-rich, and ready,” he declared. “Let’s align capital with our development priorities and build a 21st-century financial architecture that works for all.”
His remarks echoed growing international calls for more equitable and inclusive financial systems, particularly in light of ongoing economic, climate, and geopolitical challenges facing the Global South.
The FID4 event, a high-level forum focused on enhancing collaboration between private finance and development agendas, served as a timely platform for advancing such critical discussions.
Emebet Asefa, correspondent
