Mo Ibrahim Report : “despite the availability of funds, the financing gap widens”

The Mo Ibrahim Foundation publishes a report on the financing needed for Africa’s development. Despite the availability of funds, the financing gap continues to widen. The report calls for a paradigm shift, including a reform of the multilateral financial system, an African growth model, and reconciling climate and development goals to avoid « crowding out » effects.

Key Points:

Billions Needed by 2030: Huge financial needs to achieve development goals.
Climate Impact: Potential loss of $50 billion of African GDP per year by 2030.
Official Development Assistance (ODA): 28% of global ODA in 2022, but poorly distributed.
Public Debt: Tripling of external debt since 2009.
Foreign Direct Investment (FDI): $45 billion in 2022.
Illicit Financial Flows: $100 billion lost each year.
Strengthening Tax Systems: Lowest government revenues in the world.

Read the report : 2024 Ibrahim Forum report – Financing Africa