{"id":52650,"date":"2025-02-16T20:44:10","date_gmt":"2025-02-16T20:44:10","guid":{"rendered":"https:\/\/www.africa-press.net\/lesotho\/all-news\/global-finance-system-needs-reforming-to-address-africas-inequities-historical-injustices-uneca"},"modified":"2025-02-16T22:39:02","modified_gmt":"2025-02-16T22:39:02","slug":"global-finance-system-needs-reforming-to-address-africas-inequities-historical-injustices-uneca","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/lesotho\/all-news\/global-finance-system-needs-reforming-to-address-africas-inequities-historical-injustices-uneca","title":{"rendered":"Global Finance System Needs Reforming to Address Africa\u2019S Inequities &amp; Historical Injustices: UNECA"},"content":{"rendered":"<p><span style=\"color: #ff6600\"><strong>Africa-Press &#8211; Lesotho. <\/strong><\/span>Africa faces systemic injustice, with external credit rating agencies labeling economies as high-risk despite strong fundamentals. Only Botswana and Mauritius have investment-grade ratings, while others face inflated borrowing costs and debt cycles, the head of the UN Economic Commission for Africa said, emphasizing the need for urgent actions.<\/p>\n<p>The current global financial system is outdated, inequitable, and unjust, necessitating urgent reforms to address the inequities and historical injustices faced by African nations, Executive Secretary of the UN Economic Commission for Africa (UNECA) Claver Gatete stated.<\/p>\n<p>\u201cThe current global financial architecture is outdated, inequitable, and unjust and must be reformed to be fit for purpose. [\u2026] A just world requires governance reforms in international financial institutions to ensure that Africa has a stronger voice in shaping global economic policies,\u201d he said, addressing the African Union Executive Council session on the sidelines of the upcoming 38th AU Summit.<\/p>\n<p>Among the key priorities, the official emphasized that debt restructuring is essential to enable African countries to prioritize development and investment over high interest payments, while the establishment of an African-led credit rating agency is needed to ensure fair assessments of the continent\u2019s economic potential.<\/p>\n<p>\u201cWe must advocate for debt restructuring that allows African nations to invest in their people and development instead of paying exorbitant interest rates. [\u2026] Also, it is imperative to establish an African-led credit rating agency to ensure fair assessments reflect Africa\u2019s true economic realities rather than outdated risk perceptions,\u201d he explained.<\/p>\n<p>The legacy of the transatlantic slave trade and colonial exploitation continues to manifest in modern inequalities within global financial systems, trade structures, and governance institutions, the executive secretary also said.<\/p>\n<p>\u201cWe cannot contest the fact that the transatlantic slave trade and colonial exploitation robbed Africa of its people, resources, and dignity, and left behind inequalities that persist in global financial systems, trade structures, and governance institutions, till this day,\u201d Gatete noted.<\/p>\n<p>These historical injustices have led to resource extraction without development, undervaluation of African economies, and systemic barriers to trade and investment, according to the speaker.However, reparative justice must go beyond financial compensation to address these enduring disparities, he stressed.<\/p>\n<p>Despite Africa\u2019s vast natural resources\u201430% of the world\u2019s mineral reserves, 40% of its gold, 65% of its arable land, and significant deposits of chrome and platinum\u2014the continent remains marginalized in global trade and manufacturing. In 2023, intra-African trade was only 16%, compared to 68% for intra-European trade, highlighting the stark inequalities Africa faces in the global economy, the UNECA chief said.<\/p>\n<p><strong>For More News And Analysis About <span style=\"color: #ff6600\">Lesotho<\/span> Follow <span style=\"color: #ff6600\">Africa-Press<\/span><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Africa-Press &#8211; Lesotho. Africa faces systemic injustice, with external credit rating agencies labeling economies as high-risk despite strong fundamentals. Only Botswana and Mauritius have investment-grade ratings, while others face inflated borrowing costs and debt cycles, the head of the UN Economic Commission for Africa said, emphasizing the need for urgent actions. The current global financial [&hellip;]<\/p>\n","protected":false},"author":84,"featured_media":52649,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[245],"class_list":["post-52650","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-lesotho"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.1 (Yoast SEO v27.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Global Finance System Needs Reforming to Address Africa\u2019S Inequities &amp; Historical Injustices: UNECA - Lesotho<\/title>\n<meta name=\"description\" content=\"Africa faces systemic injustice, with external credit rating agencies labeling economies as high-risk despite strong fun ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/lesotho\/all-news\/global-finance-system-needs-reforming-to-address-africas-inequities-historical-injustices-uneca\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Global Finance System Needs Reforming to Address Africa\u2019S Inequities &amp; 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