On the sidelines of the 38th African Union Summit, United Nations Secretary-General Antonio Guterres delivered a statement urging the reform of the International Monetary Fund (IMF) and the World Bank. Guterres emphasized that these institutions, created after World War II at a time when many African countries were still colonies, must now evolve to better meet the needs of modern and independent African states.

Highlighting the significant changes in Africa since the post-colonial era, Guterres called for a restructuring of the global financial system to reflect the current geopolitical and economic realities. He pointed out that Africa’s aspirations and challenges have shifted, and as a result, the financial institutions that shape global economic policies should adapt to support sustainable development, promote inclusive growth, and tackle the unique issues facing African countries today.

Guterres’ remarks underscored the growing need for global financial institutions to align with the continent’s priorities, ensuring that African nations are no longer at the periphery of decision-making but are active participants in shaping the future of global economic governance.