Launched on 11 May in Dakar, the^54th Session of the Economic Commission for Africa (ECA) ended on Tuesday 17 May 2022. On the occasion, Senegal's President Macky Sall called for a new global financial architecture that would better serve Africa.

Located under the theme "Financing Africa's Recovery: Innovate", the 2022 Session of the Economic Commission for Africa (ECA) rehashed the corollaries of the health crisis related to the Covid-19 pandemic. Faced with this unprecedented economic shock, Senegal's President Macky Sall said in his opening speech that a complete overhaul was needed. " It was the responsibility of the African ministers present to call for a new global financial architecture that would better serve Africa. The Covid-19 pandemic has shown, according to President Macky Sall, that existing financial instruments do not work for the countries that need them most.

Vera Songwe, UN Under-Secretary-General and Executive Secretary of ECA, said the Coronavirus pandemic has presented itself as an "attack" not only on health but also on the economy. African countries have been at war for three years. "War with time, Covid, climate change, terrorism and the war on bad governance." Thus, finding innovative financing solutions was the need of the hour, because "we are not only looking for survival, but prosperity," she will say. Before the Covid-19 pandemic, economists estimated that African countries would need $200 billion a year to achieve their Sustainable Development Goals. Now that amounts to $354 billion a year. An additional $285 billion is needed over the next five years to ensure an adequate response to the pandemic.