Nairobi, May 13: The inaugural Africa Forward Summit concluded on Tuesday, emphasizing the urgent need for a new financial framework to better harness Africa’s economic potential.
Co-chaired by Kenyan President William Ruto and French President Emmanuel Macron, the two-day conference brought together leaders from over 20 countries, heads of various international and regional organizations, and more than 2,500 business leaders, investors, and young innovators.
In his opening speech, Ruto highlighted that the current international financial system is “structurally unequal.” He pointed out that African nations face exorbitant borrowing costs and limited access to concessional finance. This situation is exacerbated by misconceptions about risk that do not accurately reflect the true economic conditions.
Ruto stated, “The time ahead demands strong collaboration, renewed multilateral partnerships, and engagements based on equality, mutual respect, and shared responsibility.”
French President Emmanuel Macron echoed Ruto’s sentiments, asserting that the economic imbalance facing Africa is neither sustainable nor just. He noted that the existing financial framework poses significant obstacles to Africa’s infrastructure and industrial development.
UN Secretary-General Antonio Guterres remarked that current global financial institutions are failing to adequately support Africa’s development goals. He called for reforms to ensure that African nations can access cheaper loans, manage their debts more effectively, and amplify their voices within international institutions.
Guterres also emphasized the need for Africa to enhance its domestic resource mobilization capabilities to drive economic transformation and reduce dependence on what he termed “outdated and unequal” global financial systems.
Mahmoud Ali Youssef, Chairperson of the African Union Commission, pointed out that Africa possesses a substantial pool of domestic capital, particularly in pension and insurance funds, which remains underutilized.
He added that Africa is now establishing financial institutions that will be self-operated to lessen reliance on foreign lenders and credit systems.
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