Ruto Calls for Urgent Reforms in Global Financial Architecture
President William Ruto has called for urgent reforms in the global financial architecture to address Africa’s debt issues and climate vulnerabilities.
Speaking at the 59th Annual Meetings of the African Development Bank Group and the African Development Fund in Nairobi, he emphasized the need for a fairer financial system.
“A better, more responsive, and fairer international development financial architecture is urgently needed. Time is of the essence,” he stated.
Ruto highlighted that African countries are struggling with high financing interest rates, climate shocks, and constrained government revenues, which impede investments in low-carbon and climate-resilient development.
He criticized the current global financial system for misaligning with Africa’s aspirations and labeling Africa as a risky borrower despite its vast resources.
He pointed out the inconsistency, saying, “We are told it is safe to mine in spaces where there is conflict, but it is risky to lend to African economies. What a contradiction?”
To foster economic growth, Ruto called for African states to collaborate in removing barriers to intra-African trade through the African Continental Free Trade Area Agreement.
“We are struggling to look for markets everywhere except in our continent. We must first sell in the market that we have,” he urged.
Additionally, Ruto proposed reforms within the African Union, suggesting that the African Union Commission should have the authority to effectively prosecute African economic diplomacy.
He recommended restructuring the Pan-African Parliament to be more cost-effective and advocated for the creation of an African Court of Justice.
President Paul Kagame echoed the need for a new global financial architecture aligned with Africa’s interests and urged for rapid reforms within the African Union.
Presidents Denis Sassou Nguesso, Emmerson Mnangagwa, and Hassan Sheikh Mohamud also highlighted the importance of infrastructure and collaboration to harness Africa’s resources and address climate change.
African Development Bank President Akinwumi Adesina noted the bank’s efforts in climate financing, while National Treasury Cabinet Secretary Njuguna Ndung’u praised the bank’s role in supporting Africa’s economic growth and development.
