NAIROBI-President William Ruto has asked global financial institutions to focus on Africa’s underlying potential.
He said it was misplaced for them to perceive the continent only in the lens of a high risk borrower. He explained that Africa is a promising investment spot that promises a high return.“We are asking for a win-win financial architecture that brings everyone on board,” he said. He made the remarks during the 2023 Mo Ibrahim Governance Forum held at Kenyatta International Convention Centre in Nairobi.
The President challenged the global financial system to charge developing countries just interest rates on loans. “Developed countries enjoy interest rates of as low as 0.5 per cent as compared to more than 10 per cent cent rates levied on developing countries.
The high interest rates, he went on, have made it impossible for developing countries to finance any meaningful development. He noted that the current system is struggling to respond to the challenges of the moment.
“It has failed to respond to the needs of emerging economies; it is rigged against those of us in the global south.”