IN THE contemporary dispensation of mounting global economic uncertainty and geopolitical realignment, Africa’s voice in shaping the rules of international finance remains marginal.
Its relegation to the background within the global financial architecture remains concerning despite its vast resources, youthful population, and growing strategic significance.
A recent high-level symposium titled “G20 and the Reform of Global Financial Governance: Locating Africa’s Priorities”, convened by the Institute for Pan-African Thought and Conversation (IPATC) in collaboration with TrustAfrica (Dakar) and the Nigerian Institute for International Affairs (NIIA), brought together leading West African policymakers, academics, civil society actors, and development experts to reflect on Africa’s place in, and its hopes for, a more inclusive global financial system.
Organised into eight targeted sessions, the symposium moved beyond diagnosing problems to charting actionable solutions. Its core objectives were threefold:
To identify key reforms and define Africa’s priorities—such as debt justice, fair representation, and equitable access to finance;
To facilitate dialogue among African policymakers, academics, civil society, and global financial institutions for stronger, coordinated advocacy; and
To produce concrete policy recommendations for the G20, IMF, and World Bank. At its heart, the symposium aimed to translate African perspectives into practical strategies and ensure they are firmly embedded in both policymaking processes and broader global economic conversations.
Mzansi reacts to reports Black Coffee bought this luxury R157m Clifton, Cape Town, home
Held at the NIIA headquarters in Lagos between 3-4 September, the meeting took place at a crucial moment: the African Union’s recent admission as a permanent member of the G20, coupled with South Africa’s current G20 Presidency, offers a rare opportunity to reframe Africa’s economic priorities on the global stage.
But the question remains: Can the G20 be a real platform for change, or will it become another space where Africa’s demands are politely acknowledged and structurally ignored?
The international economic system as we know it today was largely shaped in the aftermath of World War II, led by Western powers and institutionalised through mechanisms like the International Monetary Fund (IMF) and the World Bank, often referred to as the Bretton Woods institutions.
These agencies have long been criticised for promoting policies that failed to consider the realities of developing countries, particularly those in Africa. They have also been used as tools to undermine the interests of African countries, advancing the agendas of dominant global capitalist powers.
Despite decades of integration of African economies with the Global North, the continent remains structurally disadvantaged.
Africa, with its 54 countries and nearly 20% of the world’s population, holds less than 6% of the voting power at the World Bank and roughly 6.5% at the IMF.
In stark contrast, countries like the United States hold 15.85%, with Japan (6.84%), China (4.42%), Germany (4.00%), France (3.75%), and the United Kingdom (3.75%) following. The asymmetrical relation is more than symbolic. It determines who sets the agenda, who decides on policy conditions, and who benefits from financial decisions that reverberate across the Global South.
The recent inclusion of the African Union (AU) as a permanent member of the G20 is being hailed in some circles as a game-changer. It provides a new platform through which Africa can collectively influence global economic debates. But experts at the symposium expressed cautious optimism.
While some welcome the opportunity for a coordinated African strategy, others warned against misplaced expectations. The G20, unlike the United Nations (UN), is not a formal international institution. It has no legal authority, and its resolutions are non-binding.
Still, as a powerful convening body representing 80% of the world’s economy, the G20 can influence the direction of global financial governance. Thus, the South African Presidency of the G20 offers the platform for concrete, including increased voting power in global financial institutions to reflect its demographic and economic significance; leadership roles in institutions like the IMF or World Bank; debt justice through restructuring, cancellation, or fairer repayment terms; and equitable access to climate and development finance without restrictive conditions.
Additionally, the call for reparative justice for historical wrongs, such as slavery, colonialism, and aggressive resource exploitation, is essential for a more just and inclusive global financial order.
But even as these ideas were debated, some participants cautioned against overly ambitious targets. A common thread in the discussions was the reality that Africa’s dependence on external powers, financially, politically, and technologically, continues to limit its leverage in global forums.
Africa must look inward, strengthen governance at home, build institutional capacity, assert greater control over its resources, and reform its economies to make it inclusive.
In conclusion, Africa should be committed to the reform movement and navigate through the complexity of achieving it. While many continue to highlight the willingness of global powers to accommodate African demands, it is important to forge ahead with the understanding that strategic engagement, united messaging, and pragmatic strategies are essential steps toward reshaping Africa’s place in the global order.
What is clear is that Africa cannot afford to be passive. Whether through the G20, IMF, World Bank, or the broader multilateral system, the continent must continue to push for equitable representation, demand financial justice, and chart a development path that reflects the aspirations of its people.
The road ahead is long, but gatherings like this one in Lagos, a reminder of the historical ‘Lagos Plan of Action’, mark an important step forward, projecting the continent’s priorities not just in policy debates, but in African-led conversations that seek both accountability and transformation in global financial governance.
Akinola is an Associate Professor in the Department of Politics and International Relations at the University of Johannesburg.This was first published by the IOL.
