Africa Forward Summit in Nairobi: William Ruto denounces the inequalities suffered by Africa on the global stage

Emmanuel Macron supports global governance reform

Currently in Nairobi, Emmanuel Macron has assured that France supports African demands for better representation of the continent within international institutions. The French president also advocated for a strengthened presence of Africa in global financial institutions. The two leaders aim to work together on a reform of the international financial architecture, especially during the upcoming G7 summit scheduled in June in Biarritz.

A financially system judged “structurally unequal”

William Ruto also criticized the imbalances of the global economic system, citing high borrowing costs, limited access to financing, and credit rating systems unfavorable to African economies. According to him, these mechanisms hinder investments and limit the continent’s ability to finance its infrastructure, industrialization, and economic transformation. The Kenyan president believes that Africa should mobilize more of its own financial resources to support its development.

“Africa must finance Africa”

The Kenyan head of state emphasized that the continent has significant untapped capital reserves, mentioning over 4 trillion dollars in long-term savings. William Ruto believes that neither the World Bank nor the International Monetary Fund alone can meet the continent’s needs. He also stressed the importance of accelerating African economic integration through the African Continental Free Trade Area (AfCFTA) and the development of transport and logistics infrastructure.

Africa presented as “part of the solution”

William Ruto finally highlighted the continent’s strategic role in the global energy transition. Mineral resources, renewable energy potential, agricultural lands, and demographic youth make Africa, in his opinion, a key player in tomorrow’s global economy. “The energy transition must also be a transition towards development and industrialization,” he stated.

READ ALSO: Summit Africa Forward in Nairobi: Emmanuel Macron announces €23 billion in investments for Africa