James Alic Garang, the Governor of the Central Bank of South Sudan, has emphasized the importance of equitable financing in accelerating the economic growth of African countries. Speaking on Saturday in Abuja during the 2024 African Caucus Meeting, Garang highlighted the need for reforms in global financial structures to better serve the continent.
The African Caucus, established in 1963, was created to amplify the voices of African Governors within the International Monetary Fund (IMF) and World Bank Group. The annual gathering, which currently includes all 54 African countries, focuses on addressing key economic challenges facing the continent. This year’s theme, “Facilitating Intra-African Trade: Catalyst for Sustainable Economic Growth in Africa,” underscores the importance of enhancing trade among African nations as a driver of sustainable growth.
Garang pointed out that equitable financing would be a central topic in both the memorandum and declaration emerging from the meeting. He stressed the necessity of reforming the global financial architecture to lower borrowing costs, improve access to finance, and harmonize policies that ensure Africa’s voice is heard on the global stage.
“Africa must have a seat at the table where decisions regarding global financial architecture are made,” Garang stated. He also noted the critical role of the African Development Bank (AfDB) and the World Bank in improving access to energy across the continent.
In addition to discussions on trade, Garang expressed concern over the high levels of youth unemployment in Africa, noting that the meeting included sessions focused on creating more employment opportunities for young people. He acknowledged that while Africa is on a positive trajectory, more efforts are needed to fully realize the continent’s potential.
Garang also highlighted the meeting as a platform for South Sudan to showcase investment opportunities to foreign companies and financial institutions.
