To defend African interests and strengthen its position in the global financial landscape, the African Union convened the continent’s multilateral heavyweights to join the ‘Africa Club’. With its capital of $65 billion, the Africa Club aims to leverage its combined influence to reform the global financial architecture, while encouraging the mobilisation of funds nationally and regionally. Can these efforts at emancipation survive pressure from international institutions seeking to maintain the status quo, or even strip Africa Club members of their privileged creditor status?
Key points:
- Following 50 years of attempts to reform the international financial architecture, how is Africa now better placed to defend its interests?
- African resource mobilisation: How can global taxation reform, savings rates, and new sources of catalytic capital move the needle?
- Governance: What strategies can be implemented to promote collaboration among the institutions of the Africa Club?