Africa needs $194bn additional financing to achieve SDGs – UNGA President
By Cecilia Ologunagba
The President of the UN General Assembly (UNGA), Philémon Yang, says Africa will need 194 billion dollars in additional financing annually to meet the Sustainable Development Goals (SDGs) by 2030.
Yang, said this at a joint debate on the New Partnership for Africa’s development at the ongoing 79th session of the UNGA at UN headquarters in New York.
The UNGA president acknowledged Africa’s potential but underscored urgent need for both international support and systemic reforms across the continent in order for it to meet the 2030 Agenda for Sustainable Development.
Yang addressed the continent’s progress toward the SDGs and the African Union’s (AU) related framework, known as Agenda 2063.
“There has never been a better time to accelerate progress towards peace, prosperity and sustainable development,” he stated.
Yang highlighted the recent adoption of the Pact for the Future which acknowledges the special challenges faced by the most vulnerable countries, in particular African States, in the implementation of the 2030 Agenda.
He stressed that despite Africa’s vast energy and agricultural resources, many nations suffer from electricity deficits and food insecurity.
Moreover, debt distress and the unjust global financial system have exacerbated Africa’s financial pressures, resulting in a development financing gap of $1.6 trillion.
He called for a more just financial system, expressing that the current system “prioritises high interest rates and debt servicing over investments in resilience and social services”.
While acknowledging the bleak economic outlook, Yang also praised Africa’s resilience as economic growth in sub-Saharan Africa is projected to increase from 2.6 per cent in 2023 to 3.8 per cent by 2025.
He urged the global community to help transform Africa’s “untapped ingenuity” into solid foundations for inclusive growth, emphasising that the continent’s growing working-age population could be a major driver of transformative change.
“With more effective financial management, stronger domestic resource mobilisation and better use of debate as a development tool, African economies can fortify and sustain their growth,” he said.
Yang also underlined the importance of peace and political solutions to conflicts, especially in countries such as Sudan and Somalia.
He called for legal and societal reforms to address systemic barriers to justice and inequality, noting that “promoting peace and advancing the rule of law in Africa demands a comprehensive strategy”.
He pledged to keep Africa’s development at the forefront of the General Assembly’s agenda, saying: “Africa must continue to rise” in its pursuit of a peaceful and prosperous future. (NAN) (www.nannews.ng)
Edited by Emmanuel Yashim
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