Business
Prime Minister of Barbados Calls for a New Global Financial Paradigm that is Fair to All
The lecture, an initiative of the African Export-Import Bank (Afreximbank), was held on 14 October under the heading “The Developing World in a Turbulent Global Financial Architecture”
WASHINGTON D.C., United States of America, October 19, 2022/APO Group/ —
The global financial architecture must be reconfigured completely to reflect the needs and participation of countries in the Global South, many of which were under the yoke of colonialism at the time the current order was fashioned, Her Excellency Prime Minister Mia Amor Mottley of Barbados has argued during the Sixth Annual Babacar Ndiaye Lecture, held on the sidelines of the World Bank-IMF Annual Meetings in Washington DC, USA.
The lecture, an initiative of the African Export-Import Bank (Afreximbank), was held on 14 October under the heading “The Developing World in a Turbulent Global Financial Architecture”. In his welcoming remarks, Professor Benedict Oramah, President and Chairman of the Board of Directors of Afreximbank, celebrated the enduring legacy and vision of Dr Ndiaye and called for “renewed efforts to reconnect Africa and the Caribbean through trade and investment in pursuit of the shared purpose of economic emancipation”.
President Oramah praised Prime Minister Mottley for her global leadership in the pursuit of fairness and equality. He referred to their shared belief that “African and Caribbean nations can turn the iniquities of history into platforms for economic prosperity today and in the future. Realizing that vision can only begin with the reconnection of the Caribbean people to their genealogical ties in Africa through trade and investment.”
The lecture was organized at a time of heightening geopolitical tensions, with the weaponization of the US dollar exacerbating the risks of global fragmentation. Simultaneously, the cycle of aggressive interest rate increases by systemically important central banks in response to surging inflation has aggravated macroeconomic management challenges, dramatically increasing debt-servicing costs and raising the specter of a debt crisis in the Global South.
Technology has become the leading driver of growth and effective integration into the global economy
Prime Minister Mottley said the current system operates to the disadvantage of Caribbean and African nations, whose unique circumstances are not accounted for in the decision-making of major financial institutions, but which are nevertheless affected drastically by those decisions. Recalling the genesis of the Bretton Woods institutions, she said they were designed at a time when “we were not seen, we were not heard, and we were not felt”. These structures must be reoriented as a matter of fairness and to reflect the growing role that countries in the Global South play in the world economy.
She said global institutions must be reminded of their founding mandates and seek to fulfil their original purpose in a way that benefits all countries, but especially lower- and middle-income countries, which are currently facing severe challenges. Prime Minister Mottley outlined a set of recommendations for reforming the existing international financial system to better reflect the challenges of our time while concurrently creating the conditions for a process of globalization that serves us all. Among the various recommendations she articulated, the most pertinent include:
- Reforming the United Nations Security Council, especially its panel of Permanent Members, which currently lacks representation for more than 1.5 billion people of African descent;
- Democratizing the system of global governance, particularly the G7 and G20, by broadening representation to include the African Union as a full member;
- Reallocating unused special drawing rights (SDRs) issued by the IMF to assuage liquidity constraints in the Global South;
- Developing new facilities for food and agriculture, clean energy, and climate change adaptation in response to emerging global challenges;
- Capping debt-service payments to a certain percentage of exports—for instance around 5% of total exports, as was done in Germany to help finance reconstruction following the second world war. As a percentage of exports, debt-service payments have risen to 24% and 20% in Africa and the Caribbean, respectively;
- Reforming global credit rating agencies to correct their intrinsic biases, which over the years have led global investors to overprice risks in the Global South, with significant consequences for access to development finance, debt sustainability, and economic growth. To take but one example, Ghana’s Eurobond yield currently exceeds 25%, while Greece pays less than 2% for new issuances;
- Suspending temporary surcharges by the IMF, which further raise the debt burden at a time when rising interest rates are exacerbating the fiscal incidence of sovereign debt;
- Taking advantage of the Review of Quotas by the IMF scheduled for 2023 to reform the Bretton Woods institutions and account for shifting economic weights. The Prime Minister deplored the fact that 27 low-income countries, with a population of 611 million, have fewer quotas combined than the United Kingdom, with a population of only 67 million, does alone;
- Increasing long-term financing and longer maturity loans to support economic development and structural transformation in low-income countries. To underscore the benefits of long-term financing, the Prime Minister highlighted an example from Britain, where a bond issued in 1922 for reconstruction after the first world war was finally repaid in 2014, almost a century later;
- Reforming the Bretton Woods institutions and holding them accountable to their mandate, specifically that of development and not just crisis management and structural adjustment. The Prime Minister reminded the audience that what we now call the World Bank Group began life simply enough as the International Bank for Reconstruction and Development. She stressed that its eponymous mandate, which was so effective during the reconstruction of Europe after the second world war, has been noticeably less pronounced in respect of promoting development in the Global South, where poverty is rampant and unemployment rates have been at Great Depression-levels for decades.
Prime Minister Mottley emphasized the need to adopt a sense of urgency, arguing that the devastating effects of global warming, especially in countries on the frontline of the climate crisis, as well as ongoing energy and food crises demand bolder and swifter steps. “Urgent and ambitious action is necessary to save lives and livelihoods,” she said.
She also tasked countries in Africa and the Caribbean to expand their own capacity through creative linkages that will enable them to fund and execute projects. In that context, she praised Afreximbank for recently convening the inaugural AfriCaribbean Trade and Investment Forum, which she said provided an opportunity to build these bridges. “The presence of Caribbean banks in Africa and African banks in the Caribbean is one example of how economic bonds can be built and cemented,” she said. The Prime Minister also praised President Oramah for his Pan-African vision, which recognizes that global prosperity for Africans must include not only the continent of Africa but also its diaspora.
Furthermore, the Prime Minister highlighted the benefits associated with the emergence of digitalization and new technologies, especially in terms of economic development and shared prosperity between Africa and its diaspora. In that regard, she encouraged leaders in Africa and the Caribbean to prepare young Africans for rising development challenges by investing in artificial intelligence, information technology, cybersecurity, and digitalization. “We have to stop looking North, because we have the capacity,” she said.
“Technology has become the leading driver of growth and effective integration into the global economy. Investing in our youth is not only a path towards strengthening ownership of our development process, but also a way to reap the benefits of globalization,” Dr Hippolyte Fofack, Chief Economist of Afreximbank, said in his closing remarks. Dr Fofack thanked and praised the Prime Minister for her leadership on the subject of reforming the international financial system, which for too long has undermined the process of global income convergence and sustained the colonialist dichotomy of developed-developing countries by constraining access to capital in the Global South.
Dr Fofack also emphasized that the emergence of an improved international financial system, as articulated by the Prime Minister, must come as the result of collective effort, with success requiring support from all stakeholders. He invited world leaders—from the Global South and the North, as well as from the public and private sectors—to collaborate to implement the comprehensive recommendations outlined by Prime Minister Mottley to meet our shared challenges of the 21st century.
Distributed by APO Group on behalf of Afreximbank.
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Tony Elumelu Foundation Selects Seven North African Entrepreneurs in 2026 Cohort
Seven North African entrepreneurs in technology, education, professional services and agriculture selected from 265,000 applications at historic Abuja ceremony
Hope is not just a feeling — it is a system we can build
- 7 North African entrepreneurs selected from Morocco, Tunisia and Egypt
- 51% of the 2026 cohort are women, all selected purely on merit, without any quota in place
- 3,200 total entrepreneurs selected from 265,000+ applications across 54 African countries
- USD 5,000 in non-refundable seed capital for each selected entrepreneur
- Selection conducted independently by Ernst & Young
The Tony Elumelu Foundation (TEF) (www.TonyElumeluFoundation.org), the leading philanthropy empowering young African entrepreneurs, announced on Sunday, 22 March 2026 the 12th cohort of the TEF Entrepreneurship Programme at a ceremony held at the Transcorp Hilton, Abuja. The announcement was made by Founder Tony O. Elumelu, C.F.R.
Among the 3,200 entrepreneurs selected from 265,000 applications received from all 54 African countries: seven from North Africa. Three from Tunisia, two from Morocco, two from Egypt. Spanning technology, education, professional services and agribusiness, they represent a generation of North African founders building businesses that address the urgent needs of their communities. Their selection, which was conducted independently by Ernst & Young, places them among the most rigorously assessed young entrepreneurs on the continent.
This year’s cohort carries a historic signal: 51 percent of the 2026 entrepreneurs are women. They were selected purely on merit, without quota. Across hundreds of thousands of applications, women distinguished themselves through the strength of their ideas, the clarity of their business models and the ambition of their vision.
In 2026, the Foundation is empowering a total of 3,200 entrepreneurs across all its entrepreneurship programmes:
- 1,751 entrepreneurs through Heirs Holdings Group: Heirs Energies, Transcorp Power, Transcorp Hotels, and United Capital;
- 1,049 entrepreneurs in partnership with the European Commission, OACPS, BMZ and GIZ;
- 100 entrepreneurs in partnership with Sèmè City Development Agency;
- 100 entrepreneurs in partnership with DEG, the German Development Agency;
- 100 entrepreneurs in partnership with the IKEA Foundation, UNICEF’s Generation Unlimited and the Dutch Government; and
- 100 entrepreneurs in partnership with UNDP and the Rwandan Ministry of Youth and Arts.
Each selected Tony Elumelu Entrepreneur will receive USD 5,000 in non-refundable seed capital, access to world-class business management training on TEFConnect, one-on-one mentorship, and entry into a powerful network of investors, partners and fellow entrepreneurs.
In his annual letter (https://apo-opa.co/4uOFepM), “A Story of Hope,” Tony O. Elumelu, C.F.R., Founder of the Tony Elumelu Foundation, shared a powerful message to the new cohort:
“For a long time, I believed luck was something that simply happened to you. Then I came to understand: luck can be engineered. Opportunity can be democratised. Hope is not just a feeling — it is a system we can build.” — Tony O. Elumelu, C.F.R., Founder, Tony Elumelu Foundation — 2026 Annual Letter
The Tony Elumelu Foundation has empowered over 2.5 million young Africans with access to business management training on TEFConnect (https://TEFConnect.com), and disbursed over USD 100 million in seed capital to more than 24,000 selected entrepreneurs.
Collectively, these entrepreneurs have generated USD 4.2 billion in revenue and created more than 1.5 million direct and indirect jobs. Through its support for African entrepreneurs, TEF has lifted 2.1 million Africans above the poverty line and positively impacted more than 4 million African households, with 46% of supported entrepreneurs being African women. Eighty percent of TEF-supported businesses survive and scale, against a global average of ten to twenty percent.
The announcement ceremony was broadcast live in English (https://apo-opa.co/3PWLiML), French (https://apo-opa.co/3PWLiML), Portuguese (https://apo-opa.co/4t4Y7Da) and Arabic (https://apo-opa.co/4bYHlQl).
Distributed by APO Group on behalf of The Tony Elumelu Foundation.
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