About eleven African countries will today, Tuesday, 22 October 2024, form part of the all-important meeting of the G-24 to take place at the International Monetary Fund (IMF) Headquarters in Washington DC.
The Intergovernmental Group of Twenty-Four on International Monetary Affairs and Development (G-24) is a forum to coordinate the positions of developing countries on international monetary and development finance issues. The theme of the upcoming G-24 Ministers, Central Bank Governors, and their Deputies meetings will be “Bretton Woods System at 80: Historical and Emerging Challenges and Options for Reform.”
As the world changes, emerging or developing economies are faced with serious fiscal challenges that hinder them from competing effectively in global markets. Finding solutions and ways to navigate the current wave for small economies will form part of the agenda.
G-24 membership includes African countries, which are now making their presences felt on global stages, however, political stability remains their highest and biggest threat for economic growth and investment on the African continent as some countries are facing civil wars and uprisings.
Some African countries are in heavy debt and are unable to service their debts, inflation is high and their currencies amount to almost nothing. Unemployment and poverty are very high with women being the face of poverty in Africa. Forming part of such meetings and mobilising for revised fiscal policies that can work for the countries is important.
Geopolitical tensions across the globe also affect economic activity in developing countries, as fuel prices rise, life becomes even more expensive for these countries.
The G-24 membership includes Africa: Algeria, Côte d’Ivoire, Egypt, Ethiopia, Gabon, Ghana, Kenya, Morocco, Nigeria, South Africa, and the Democratic Republic of Congo.
Latin America and the Caribbean: Argentina, Brazil, Colombia, Ecuador, Haiti, Guatemala, Mexico, Peru, Trinidad and Tobago, and Venezuela.
Asia: India, Iran, Lebanon, Pakistan, Philippines, Sri Lanka, and Syria.
China will be the special invitee to the meeting.