Former President Olusegun Obasanjo has called for a complete reset of the global financial system to enable Africa and the Global South to achieve sustainable development. Speaking at the World Economic Forum (WEF) in Davos, he cited declining aid flows and rising debt burdens as major barriers to growth.
Obasanjo stressed the urgency of defining a “sovereign future for Africa” and urged nations to explore innovative, homegrown financing models. He launched the “Accra Reset” initiative aimed at rethinking development funding across Africa and the Global South.
“Official Development Assistance is declining globally, and debt has become an albatross, limiting investment in critical sectors,” Obasanjo said. He emphasized that without new financial frameworks, efforts to improve livelihoods and drive inclusive growth across the continent would remain constrained.
The WEF, held annually in Davos, gathers global leaders, policymakers, and business executives to address pressing economic and development challenges.
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