The need to lower borrowing costs for African countries has been emphasised to make capital more accessible and affordable for the continent.
This sentiment was echoed by Dr. James Alic Garang, Governor of the Bank of South Sudan and Chair of the Monetary Affairs Committee for the East African Community who spoke with Journalist on the sidelines of the African caucus meeting 2025, holding in Abuja Nigeria.
According to Dr. Garang, reforming the global financial architecture would enable countries to invest in crucial infrastructure and development projects without being burdened by excessive debt.
‘There are things that need to be done for us to realize the potential that we have as a continent, and that is the need to reform the global financial architecture. It revolves around three things: the need to reduce the cost of borrowing, enhance access to finance, and harmonize policies among ourselves, ensuring that the voices of Africa are heard at the table,’ Dr. Garang stated.
He also highlighted critical
areas such as energy access, where the African Development Bank and the World Bank are taking leading roles in supporting initiatives across the continent. Ensuring reliable and sustainable energy sources is vital for economic development, as it impacts everything from industrial growth to education and healthcare services.
In addition to financial reforms and energy access, addressing youth unemployment remains a top priority.
‘The governors are very conscious about the level of unemployment today in the region and on the continent, especially among the youth. As a result, there is going to be a section in the memorandum that focuses on improving youth employment and opportunities across the board. This is not just for one country; it’s from east to south and west to east of Africa. The governors are very conscious and will be ensuring that policies that focus on the youth agenda and youth employment will be addressed,’ Dr. Garang added.
The Chair of the Monetary Affairs Committee for the East African Com
munity maintained that with strong leadership and coordinated policies, Africa can navigate its challenges and pave the way for a prosperous future for all its people.
Source :News Agency of Nigeria