KENYAN President William Ruto has delivered a bold message at the 80th United Nations General Assembly (UNGA), calling for urgent reform of global financial institutions and highlighting Africa’s homegrown solutions to its development challenges.
Speaking to world leaders, Ruto criticised the current global financial architecture, describing it as biased towards wealthy nations while trapping poorer countries in cycles of debt, high interest rates, and limited access to support during emergencies.
“These systems were built for a world that no longer exists,” Ruto said. “They reward the rich and punish the vulnerable.”
He stressed that global institutions like the IMF and World Bank must become truly independent and apolitical, with fair decision-making structures that represent all nations equally.
Africa Taking Charge
Despite the inequality in global systems, Ruto made it clear that Africa is not waiting for external fixes. He announced Kenya’s full support for the Alliance of African Multilateral Financial Institutions, launched in February 2024 with the African Union.
This alliance brings together major African financial bodies like Afreximbank, Africa Finance Corporation, Trade and Development Bank, and Shelter Afrique, to support trade, development, and resilience across the continent.
He also spotlighted the African Union’s push to establish three key institutions:
– African Central Bank – to support a single currency and free trade from foreign dependence.
– African Monetary Fund (AMF) – to help stabilise economies and protect financial sovereignty.
– African Investment Bank (AIB) – to fund infrastructure, industrialisation, and integration.
To ensure fair evaluation of African economies, Ruto praised the Africa Credit Rating Agency, which he said “tells our story with fairness and truth.”
Call to Reimagine the UN
Reflecting on the UN’s founding purpose to prevent war and promote peace, Ruto challenged its relevance in today’s complex world.
“Is the UN still fit for purpose?” he asked. “Or has it become a relic of a bygone era?”
He pointed to ongoing conflicts in Eastern Europe, the Middle East, and Africa, as well as intensifying climate disasters, as signs that the UN must evolve or risk losing credibility.
As global systems face growing pressure, William Ruto’s message was clear: Africa is ready to lead, but global institutions must be willing to change.
Source: Nationaltymes.com
