President William Ruto has reiterated his call for a new financing architecture.
The Head of State slammed Bretton-Woods institutions for being unjust to the continent and noted that Africa requires a new development finance reality, one led by inclusive institutions committed to progressive programs that will accelerate and augment sustainable development across the continent.
”Post-colonial Africa struggled to develop because it had very limited resources to liberate its economy from institutions that were extractive by design; a low industrial capacity that ensured that raw materials were mainly exported, minimal economic diversity and political instability,” President Ruto said during the 39th Annual General Meeting of the Trade and Development Bank Group in Nairobi.
”The Bretton-Woods system of multilateral financial institutions was explicitly designed for another purpose at another place and another time, and is now fundamentally inadequate, unjust and unfit for the demands of our
complex, dynamic, interdependent world,” he added.
President Ruto said he was not just pushing for one financial system that favors Africa, but rather one that favors all countries across the globe.
”The urgent need for socioeconomic transformation must therefore translate into an even more urgent need to
redesign the international financial institutions and also design and implement a wholly new global green bank to mobilise resources globally and administer them in a truly inclusive, representative, democratic and equitable
manner,” he said.
Last month on June 22nd, calling for an equal financing system, Ruto called out the resource control by the World Bank and International Monetary Fund (IMF).
“Africa does not want anything for free. But we need a new financial model where power is not in the hands of the few,” he said during the New Global Financial Pact Summit in Paris, France.