Akufo-Addo makes strong case for UN and global financial architecture reforms

President Akufo-Addo is making a strong case for the reform of the United Nations and the global financial architecture which he argues, is in deep crisis.

The president who is attending the BRICS Summit currently ongoing in Johannesburg, South Africa, says it is about time the makeup of the UN Security Council as well as global financial institutions are reoriented to reflect the new geopolitical and economic dynamics.

According to him, the status quo is in crisis as it has failed to adequately address contemporary issues and unfairly distributes power, sidelining emerging markets and entire continents.

He noted that a shift in composition will be a step in the right direction.                         

“The contemporary world has moved on significantly from the post 1945 world which gave rise to the birth of the United Nations and the makeup of the Security Council. The world of 2023 is not the world of 1945.

“The crisis of the global financial institutions and the global governance under the United Nations system which were created from the rubble of the Second World War is a deep crisis. It will continue until a fair system is put in place, a system that reflects the new balance no longer based on who won or lost the Second World War but on the major contemporary and future balance,” he said.

President Akufo-Addo further expressed optimism that a strong partnership with BRICS countries will help construct a prosperous and self-confident Africa.

According to him, BRICS partnership with Africa’s emerging markets is needed for Africa to achieve its developmental needs.

“I believe strongly, that despite its numerous challenges Africa is on the cusp of building a great new civilization which will unleash the considerable energies and huge potential of the African people so that we will make our unique contribution to the growth of world civilization.

“Together, working with the rest of us on the continent and with our increasingly educated, skilled, dynamic and growing youthful population operating under the inches of the African Continental Free Trade Area, whose secretariat Ghana has the honour to host, I’m confident that a strong partnership with the BRICS nations can help construct a prosperous and self-confident Africa,” he said.

The comments by president Akufo Addo is raising speculations that the country might want to follow the likes of its West African sister country, Nigeria, which is already at the doorsteps of BRICS asking for official membership of the trading bloc.

More than 40 countries have expressed interest in joining BRICS, and 23 formally applied to join the club, which already represented a quarter of the global economy and 40 percent of the world’s population.

Saudi Arabia, Iran, Argentina, Egypt, Ethiopia and the UAE have been now officially been welcomed into the trading bloc.