In 2023, the African Union was officially included as a full, permanent member of the Group of 20 (G20) to form the G21. At Development Reimagined, we have been at the center of campaigning for this monumental shift, for African voices to have a seat at the table to alter the international system to meet African needs. We’ve pushed for this at the Indonesia G20 Presidency, the Paris Financing Summit and at the BRICS Summit – and that hard work has finally paid off.
As of December 2023, Brazil assumed the G21 Presidency, taking over from India. With President Lula pushing for strong South-South cooperation, alongside being the host of COP 30, now is the time for African voices to be heard and for clear actions to be taken to make the international financial system work for African countries.
Over the past few years there has been growing demand for this from both African and International CSOs, policymakers and ministers. For example, at the IMF and World Bank 2023 Annual Meetings, key stakeholders came together to discuss African positions on the G21 Common Framework and come up with actionable ideas for reform. Other examples include African experts and policymakers stressing the challenges with the Debt Sustainability Analysis and the need for urgent reform to meet African needs.
So, given that the African Union has this new platform to raises concerns such as these, how can the African Union be influential in the G21?
What was very clear from past discussions for Africa’s preparation is that Africa must have a common position. Africa must be bold and it must be deliberate, to have maximum impact in the G21 to table African priorities. On the implementation of decisions made by the G20, Africa was advised to consider how these decisions may impact the continent.
At DR, in our latest policy brief, we’ve listed six key priorities which we believe are key to African countries to support the African Union’s G21 engagement.
These are;
- Reimagining the IMF Quota System to Provide Fair Representation for The African Continent.
- Facilitate SDR Reallocation to the African Development Bank
- Support a Reformed Debt Sustainability Analysis – including revisions to the restrictive 60% debt-to-GDP thresholds.
- Revise the G21 Common Framework based on African Positions.
- Alignment with the AUs Agenda 2063 and Infrastructure Development.
- Support capital increase at MDBs, as outlined by the Capital Adequacy Framework report.
Given that 2024 will be the first full year that the African Union is represented as a full, permanent member, it is key that African priorities are put on the table to bolster African voices within the grouping. Using this brief, both international and African policymakers can be well-equipped to have a unified position on priority issues concerning the continent.
February 01, 2024
