Marrakech Framework: An African Agenda for Global Financial Architecture

The Marrakech Framework outlines an African agenda for reforming the global financial architecture, focusing on debt resolution, increased concessional funding, the re-channeling of Special Drawing Rights, greater African representation in global decision-making, and a commitment to green growth. It argues that current systems, rooted in the 1950s, hinder Africa's potential and calls for a transition where the continent is a contributor of ideas and investment rather than just a beneficiary.

• African governments face a severe debt crisis, paying 500% more in interest on capital market debt than they would under swift financial reform. It is estimated that African countries will pay an additional US$56 billion on debt raised from capital markets over the five years to 2021 compared to World Bank borrowing rates.
• The World Bank's International Development Association (IDA) faces a 'financing cliff' in 2024 and a further drop-off in 2030. The framework calls for donors to maintain IDA commitments at the FY22 level of $38 billion for the next two years and eventually triple them.
• The IMF's Poverty Reduction and Growth Trust (PRGT) has a pledge gap equivalent to $6.3 billion, despite having provided $24 billion to 39 nations since 2009.
• The framework proposes that at least five countries re-channel their Special Drawing Rights (SDRs) to the African Development Bank (AfDB). This would allow the AfDB to increase its lending fourfold, whereas the IMF currently lends at less than one-to-one for SDRs.
• While the African Union's admission to the G20 in September 2023 is a positive step, the framework argues that the IMF and World Bank Group must reevaluate boardroom power and move away from the principle that shareholding amounts automatically dictate decision-making power.
• Africa requires an ambitious green growth agenda to address the fact that 770 million Africans lack electricity. The document notes that developed countries have failed to meet the 2009 pledge to mobilize $100 billion per year by 2020 for climate adaptation and mitigation, while Africa's actual needs are in the trillions of dollars.
• African governments commit to improving public financial management, including fiduciary oversight, budgeting, and reducing corruption, to ensure that concessional resources and investments are used productively.

APA

Moors, R. (2023). Marrakech Framework: An African Agenda for Global Financial Architecture. African Center for Economic Transformation. https://acetforafrica.org/research-and-analysis/insights-ideas/articles/marrakech-framework-an-african-agenda-for-global-financial-architecture/

Chicago

Moors, Rik. Marrakech Framework: An African Agenda for Global Financial Architecture. African Center for Economic Transformation, 2023. https://acetforafrica.org/research-and-analysis/insights-ideas/articles/marrakech-framework-an-african-agenda-for-global-financial-architecture/.

Wikipedia

{{cite press release |last1=Moors |first1=Rik |title=Marrakech Framework: An African Agenda for Global Financial Architecture |publisher=African Center for Economic Transformation |date=13 October 2023 |url=https://acetforafrica.org/research-and-analysis/insights-ideas/articles/marrakech-framework-an-african-agenda-for-global-financial-architecture/ |access-date=17 August 2026 |via=Climate Insights Directory}}

BibTeX

@misc{moors2023marrakech, author = {Moors, Rik}, title = {{Marrakech Framework: An African Agenda for Global Financial Architecture}}, publisher = {African Center for Economic Transformation}, year = {2023}, month = oct, url = {https://acetforafrica.org/research-and-analysis/insights-ideas/articles/marrakech-framework-an-african-agenda-for-global-financial-architecture/}, urldate = {2026-08-17}, note = {Indexed by Climate Insights Directory} }