Africa's sole representative at the weekend's Group of 20 (G20) summit of world leaders, South Africa's President Kgalema Motlanthe, says reforms agreed on at the summit would require better representation for the continent in the international financial system.
In a statement released after the summit, which was summoned to discuss the current global financial crisis, Motlanthe said that as the only G20 member country from Africa, South Africa had been asked by African finance ministers to convey an African perspective to the summit.
Motlanthe said the G20 leaders had agreed on a strengthened system of international financial governance, in which the International Monetary Fund and the World Bank would play a key role.
"This must occur with a much more inclusive governance structure for both institutions, and for other relevant institutions, so that developing countries are effectively represented," Motlanthe added.
"This would entail far better representation for African countries in the international financial institutions than is currently the case."
Motlanthe also called on the international community to fulfil its commitments to increase aid flows to Africa. Volatile food and fuel prices had already damaged developing countries in Africa, and the latest financial crisis could do more harm.
Echoing Motlanthe's aid appeal, World Bank president Robert B. Zoellick said that the U.S.$100 billion a year spent on overseas aid "is a drop in the ocean compared to the trillions of dollars that are now being spent on financial rescues in the developed world."
He said in a statement that it was "a positive step forward that leaders of developed economies are now meeting together with leaders from the rising economic powers."
But responses to the crisis "must take into account the interests of the poor and most vulnerable in developing countries... The poorest developing countries must not be left out in the cold. We will not solve this crisis, or put in place sustainable long-term solutions by accepting a two-tier world."
