CBN Governor Urges Bretton Woods Institutions to Reform for African Interests
The Governor of the Central Bank of Nigeria, Olayemi Cardoso, has called on the World Bank and International Monetary Fund (IMF) to adapt their approaches to better address the distinct financial challenges faced by African nations. Speaking at the prestigious Bretton Woods at 80 Forum in New Hampshire, USA, Cardoso urged global financial institutions to ensure greater participation and representation for African countries in their decision-making processes.
In a statement released by the Central Bank of Nigeria on Sunday, Cardoso’s presence at the forum was highlighted as a significant step for Nigeria and the African continent in asserting influence on the global economic stage. The CBN governor was tasked with representing Africa’s interests, pushing for reforms that cater to the specific financial needs of emerging markets and developing economies.
“Cardoso’s participation underscored his pivotal role as a representative of African interests, advocating for the continent’s financial needs and priorities in the global economic space,” the CBN statement read. The forum, held at Bretton Woods — the birthplace of the post-World War II financial order — convened key global leaders to reassess and reshape international financial systems in light of modern challenges.
As calls for the reform of global institutions grow, Cardoso emphasised that the World Bank and IMF must evolve to tackle pressing global issues, including sustainable development, financial inclusion, and climate resilience. The CBN governor argued that a more tailored approach is necessary to accommodate the varying economic realities of different regions, particularly in Africa, where the challenges are unique and often overlooked.
“The Bretton Woods institutions must stay responsive to the diverse needs of regions around the world,” Cardoso stated. “We need inclusive and sustainable global financial systems that address the economic priorities of both emerging and advanced economies.”
The forum provided a platform for deep discussions on investment, climate resilience, and the evolving role of multilateral financial institutions. Participants, including former executives of major global organisations, discussed strategies to reform the IMF and World Bank to meet the demands of a rapidly changing world.
Cardoso’s calls for reform come at a time when developing economies, especially in Africa, are increasingly seeking a greater voice in the governance of these global institutions. The CBN governor’s contribution was seen as central to ensuring that Africa’s perspectives were strongly represented in discussions on the future role of the IMF and World Bank.
As the Bretton Woods at 80 Forum concluded, key recommendations were made for the future of international financial institutions. Cardoso’s advocacy was crucial in ensuring that the reforms are responsive to the specific needs of different regions, enabling global institutions to meet the economic demands of both emerging markets and advanced economies alike.
