At the 79th session of the United Nations General Assembly (UNGA), President Philémon Yang has stressed that Africa requires an additional $194 billion annually to achieve the Sustainable Development Goals (SDGs) by 2030.
Speaking during a joint debate on the New Partnership for Africa’s Development (NEPAD) at the UN headquarters in New York, Yang stressed the continent’s potential but pointed to the urgent need for international support and systemic reforms to meet global development targets.
Yang outlined the African Union’s (AU) Agenda 2063 alongside the SDGs, stating, “There has never been a better time to accelerate progress towards peace, prosperity, and sustainable development.”
He acknowledged the recent adoption of the Pact for the Future, which highlights the unique challenges facing vulnerable countries, particularly African states, in achieving the 2030 Agenda.
The president noted Africa’s rich energy and agricultural resources but noted the continent’s struggles with electricity shortages and food insecurity.
He revealed that Africa’s financial challenges, including a $1.6 trillion development financing gap, are exacerbated by debt distress and an unjust global financial system.
Yang argued for a reformed financial structure, stating that the current system “prioritizes high interest rates and debt servicing over investments in resilience and social services.”
Despite these challenges, Yang praised Africa’s economic resilience, citing projections of growth in sub-Saharan Africa from 2.6% in 2023 to 3.8% by 2025.
He urged the global community to support Africa’s “untapped ingenuity,” emphasizing that the continent’s growing working-age population could become a catalyst for transformative development.
Yang called for improved financial management, stronger domestic resource mobilization, and more effective use of debt as a development tool to sustain economic growth.
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He also emphasized the importance of peace and political solutions to conflicts in countries like Sudan and Somalia. Also, he called for legal and societal reforms to address barriers to justice and inequality, stressing that promoting peace and advancing the rule of law requires a comprehensive strategy.
Concluding his address, Yang reiterated his commitment to keeping Africa’s development at the forefront of the UNGA’s agenda, declaring, “Africa must continue to rise” in its pursuit of a peaceful and prosperous future.
