Marrakech Framework: An African Agenda for Global Financial Architecture

The Marrakech Framework is a statement published by the African Center for Economic Transformation in October 2023. It outlines an African agenda for reforming the global financial architecture to better serve the continent's needs, focusing on debt resolution, increased concessional financing, and a transition to a green economy.

• 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 ending in 2021 compared to borrowing from the World Bank, increasing the risk of debt distress.
• The framework calls for increased grant and concessional funding through the World Bank’s International Development Association (IDA) and the IMF’s Poverty Reduction and Growth Trust (PRGT). The IDA faces a 'financing cliff' in 2024 and a drop-off in 2030; the document urges donors to maintain FY22 commitment levels of $38 billion over the next two years. Meanwhile, the PRGT has a pledge gap equivalent to $6.3 billion.
• The document proposes that at least five countries re-channel their Special Drawing Rights (SDRs) to the African Development Bank (AfDB) and other African financial institutions. This would allow the AfDB to increase its lending fourfold. The framework notes that in 2021, only $33 billion of the $650 billion in SDRs distributed by the IMF went to Africa.
• There is a demand for increased African influence in global decision-making bodies, moving beyond the African Union's admission to the G20 in September 2023. The framework argues that the IMF and World Bank Group should reevaluate their power balances so that shareholding amounts do not automatically dictate decision-making power.
• The framework advocates for an ambitious green growth agenda to address the fact that 770 million Africans lack electricity. It highlights that developed countries have failed to meet the 2009 pledge to mobilize $100 billion per year by 2020 for climate adaptation and mitigation, while the actual costs for Africa are in the trillions of dollars.
• African governments commit to improving their own internal systems to ensure financial resources are used productively. This includes enhancing public financial management, strengthening fiduciary oversight, reducing corruption, and improving the pipeline of bankable projects for green growth.

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} }