Ramaphosa echoes call to reform global finance architecture


President Cyril Ramaphosa

JOHANNESBURG, (CAJ News) – SOUTH African President, Cyril Ramaphosa, has reiterated his call for the reform of the global financial institutions.

He was delivering remarks at the Sustainable Development Goals Summit at the United Nations General Assembly (UNGA), ongoing in New York, the United States of America.

“There is an urgent need to transform the global financial architecture,” Ramaphosa said.

He spoke at the event held under the theme, “Rebuilding Trust and Reigniting Global Solidarity: Accelerating Action on the 2030 Agenda and its Sustainable Development towards Peace, Prosperity, Progress And Sustainability for All.”

“In the face of growing protectionism, we need to ensure a fair, rules-based and multilateral global trade system that gives developing economies equal access to world markets,” the president added.

He was echoing a message delivered at the Brazil, Russia, India, China and South Africa (BRICS) Summit his country hosted in August.

At the UNGA, Rampahosa said South Africa joined the call to address the fundamental development challenges that have long characterised an unequal world.

He said this requires targeted investment, technology transfer and capacity building support, especially in key areas such as industrialisation, infrastructure, agriculture, water, energy, education and health.

“It will also require predictable and sustained financial support, including supportive trade policies, from the international community,” the South African president said.

The 78th session of the UNGA will run until Saturday.

UNGA is the main policy-making organ of the UN and comprises all member states.

Climate change, the Russian-Ukraine conflict and public health issues feature prominently on the agenda.

– CAJ News

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