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Nations will vote on whether to designate the slave trade as "the gravest crime against humanity".
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Member states are set to vote on a resolution - led by Ghana - to recognise the transatlantic slave trade as "the gravest crime against humanity".
The proposal urges UN member states to consider apologising for the slave trade and contributing to a reparations fund.
The resolution is likely to face resistance, as states like the UK have long rejected paying reparations, saying today's institutions cannot be held responsible for past wrongs.
But the proposal's advocates, which include the African Union, say it is a step towards healing and justice.
Samuel Okudzeto Ablakwa, Ghana's foreign minister, told the BBC's Newsday programme: "We are demanding compensation - and let us be clear, African leaders are not asking for money for themselves.
"We want justice for the victims and causes to be supported, educational and endowment funds, skills training funds."
Ablakwa also said that, with the resolution, Ghana was not ranking its pain above anyone else's, but simply documenting a historical fact.
Between 1500 and 1800, around 12-15 million people were captured in Africa and taken to the Americas where they were forced to work as slaves. It is estimated that over two million people died on the journey.
Ghana, one of the main gateways for the trade, has long been a leading advocate for reparations.
The resolution also calls for cultural artefacts stolen during the colonial era to be returned to their countries of origin.
"We want a return of all those looted artefacts, which represent our heritage, our culture and our spiritual significance. All those artefacts looted for many centuries into the colonial era ought to be returned," Ablakwa said.
Ghana's President John Dramani Mahama has called the resolution "historic" and a "a safeguard against forgetting".
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