As world leaders gathered in Sevilla for the Fourth International Conference on Financing for Development (FfD4), they faced a hard truth: the global financial system is not just failing to deliver for the countries most in need—it is reinforcing inequality.
For Africa, the consequences are especially severe. The continent is grappling with rising trade barriers, climate finance that falls short, illicit financial flows, and mounting debt. Over the last decade, Africa’s external debt has soared—driven by expensive loans that drain budgets meant for schools, hospitals, and infrastructure. In 2020, 22 African countries spent more on debt payments than on healthcare*. Behind these numbers lies a system designed for creditor priorities, not community wellbeing.
The crisis reflects a deeper structural problem: a financial architecture never built with Africa in mind. And it shows. Credit ratings remain biased. GDP per capita continues to be used as a flawed proxy for resilience, despite masking structural fragility. Africa’s representation in global financial institutions remains limited, and its borrowing costs are three to five times higher* than those of wealthier nations.
FfD4 needed to go beyond declarations. It needed to mark a turning point—from fragmented, reactive aid to long-term strategies rooted in resilience, equity, and national leadership. Financing must be a tool for sovereignty, not dependency.
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This blog was originally written by UN Development Coordination Office Regional Director for Africa Yacoub El Hillo.
