Joseph Atta-Mensah writes that Africa must begin to demand things of Bretton Woods, and not just accept them. As leaders gathered for the IMF and World Bank Spring Meetings, it's crucial for Africa to articulate its needs with clarity and conviction, positioning itself as a strategic force rather than a mere bystander.

While Africa's GDP growth has seen a slight increase from 3.0% in 2023 to 3.2% in 2024, with projections of 4.1% in 2025, these figures mask underlying concerns. Much of this growth is cyclical and externally driven, reliant on commodity demand, favorable weather conditions, or short-term public investment surges. The continent's dependence on a limited range of exports, such as oil, gold, and agricultural goods, makes its economies vulnerable to global shocks and climate risks. Structural change has been slow, with over half of Africa's workforce still engaged in low-productivity agriculture or informal urban employment, lacking access to social protection, credit, and career advancement opportunities.

Africa's challenge lies not only in achieving growth but in fostering transformation. This involves transitioning from extraction to inclusive industrialization, embracing technology and innovation to bridge infrastructure gaps, and leveraging the AfCFTA (African Continental Free Trade Area) to develop integrated regional value chains. Additionally, it necessitates macroeconomic policies that prioritize investment in people, institutions, and productivity. Only then can growth serve as a foundation for lasting prosperity rather than a fleeting anomaly.

To achieve this, Africa must ensure that the international financial infrastructure works in its favor. The continent's external debt reached $1.15 trillion by the end of 2023, up from $1.12 trillion in 2022, highlighting its continued reliance on external financing. Servicing this debt poses increasing challenges, with countries like Ghana, Nigeria, Malawi, and Angola allocating over 25% of government revenue to interest payments, crowding out essential investments in education, health, and infrastructure.

A significant obstacle is the high cost of borrowing, with African sovereign bonds often carrying yields 5–8 percentage points higher than those of countries with similar economic fundamentals. This “Africa premium” is driven more by risk perceptions, credit rating biases, and limited trust in Africa’s debt resolution frameworks than by actual data. To break free from this debt trap, Africa requires a new global financial architecture that reduces dependence on expensive commercial debt and expands access to concessional finance. Innovative instruments like debt-for-climate or debt-for-investment swaps can link sustainability to solvency.

The IMF’s Global Sovereign Debt Roundtable, launched in 2023, offers promise by bringing together creditors and debtors to promote coordination and transparency. However, for it to truly benefit Africa, African voices must carry weight, restructuring efforts must support development, and accountability must be mutual. Furthermore, African governments must enhance debt transparency and public financial management to restore trust and secure better terms.

Inflation across Africa averaged 18.6% in 2024, with countries like Nigeria, Ethiopia, and Zimbabwe experiencing rates exceeding 30%. This surge was driven by global shocks such as geopolitical tensions, rising energy prices, and increased food import costs due to climate disruptions. Currency depreciation further exacerbated imported inflation in countries reliant on external goods. While central banks have tightened monetary policy, a broader strategy is needed, including investments in agriculture, renewables, regional trade, and domestic supply chains to build resilience.

Industrialization remains Africa’s most underutilized engine for transformation, with the continent accounting for less than 2% of global manufacturing output. The AfCFTA offers a pathway to change by creating a continental market, but trade liberalization must be accompanied by real investment in infrastructure, energy, industrial hubs, and workforce skills. Without coordinated policies to build competitive ecosystems, Africa risks remaining dependent on raw commodity exports, missing the opportunity to move up the value chain.

Africa collects only 14.8% of its GDP in tax revenue, which is less than half the average in advanced economies. While boosting tax administration is crucial, domestic resource mobilization requires a broader approach, including expanding the tax base, curbing legal loopholes that facilitate profit shifting, and eliminating wasteful incentives. Strengthening revenue authorities, enhancing governance, and digitizing systems will improve compliance and efficiency. Tackling illicit financial flows, which cost Africa an estimated £66 billion a year, demands transparency, stronger regional cooperation, and alignment with global frameworks like the OECD’s Base Erosion and Profit Shifting initiative.

To secure long-term finance, Africa must deepen its capital markets by building local currency bond markets, issuing green and infrastructure bonds, and engaging institutional investors. Sovereign wealth funds, diaspora bonds, and public-private partnerships can diversify the financing mix, while mobile tech and fintech can broaden access to finance and mobilize savings. Cross-border capital market initiatives, such as the African Exchanges Linkage Project, have the potential to make capital markets more vibrant, improve liquidity, and unlock investment across the continent.

Climate change adds further urgency, with over 110 million Africans affected by climate disasters in 2023, resulting in damages exceeding £6 billion. However, Africa receives only 3–5% of global climate finance. Scaling up support, particularly for adaptation, is essential. Access to climate finance must be simpler, faster, and country-led. Instruments like blended finance, risk guarantees, and debt-for-climate swaps can align climate goals with fiscal needs. Climate funding should reinforce, not replace, Africa’s development investments in health, education, and resilience.

Africa’s message to the Spring Meetings must be bold, clear, and unified. This includes reforming the global financial architecture to reflect current realities, ensuring fairer representation and voting rights for Africa at the IMF and World Bank. Climate finance must be delivered with urgency, equity, and simplicity, with existing pledges honored and funds disbursed swiftly and directly, especially to the most climate-vulnerable countries. Debt restructuring frameworks must become more inclusive and development-oriented, providing the fiscal space for countries to pursue growth and build resilience.

Africa requires scaled-up investment in infrastructure, education, industrialization, and innovation to empower young people and entrepreneurs. Fairer global trade rules and support for technology transfer are also essential to support Africa’s climb up the value chain. The continent’s future hinges on decisions made today, requiring bold leadership to transform its challenges into opportunities for inclusive growth and shared prosperity.