UNGA 80: Second G20 Foreign Ministers’ Meeting

80^TH SESSION OF THE UNITED NATIONS GENERAL ASSEMBLY

SECOND G20 FOREIGN MINISTERS' MEETING

Statement

By

Mr. Claver Gatete

United Nations Under-Secretary-General and

Executive Secretary of ECA

New York, USA

25 September, 2025

Excellencies,

Ladies and Gentlemen,

As we convene, the global economy, though recovering from successive shocks, is weighed down by debt, inequality and the existential threat of climate change.

For Africa, the stakes could not be higher.

How can we speak of peace and sustainable development when debt service often exceeds spending on health, education and infrastructure?

How can we speak of fairness when Africa, the region contributing least to climate change, receives less than 3% of global climate finance?

There must be change.

In this regard, allow me to share three recommendations.

First, we must reform the international financial architecture so that it serves all countries, not just a few.

It is unacceptable that today only two African countries are considered investment grade.

This reality condemns the continent to borrowing costs at least three times higher than the developed economies.

We must accelerate MDB reform, advance the Common Framework on debt and champion innovative tools such as SDR rechannelling and blended finance.

Second, we must unlock Africa's domestic potential.

With over 1.1 billion mobile money accounts, the continent is already a laboratory of financial innovation.

Supporting tax digitization, capital market development and combating illicit financial flows will enable countries to mobilize their own resources and build resilience.

Third, we must align global ambitions with Africa's priorities, whether through the AfCFTA, AU Agenda 2063, or the UN Pact for the Future.

That means investing in sustainable infrastructure, green energy and regional value chains that generate jobs and prosperity for Africa's youth.

Excellencies, the G20 represents 85% of global GDP.

With such weight comes responsibility.

The question is: will we design a financial system that entrenches inequality, or one that delivers solidarity, equality and sustainability?

The choice is ours - and the time to act is now.

Thank you.