Nairobi, May 13: The inaugural Africa Forward Summit concluded on Tuesday, where global leaders and heads of African nations emphasized the necessity 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 saw participation from over 20 heads of state and government, leaders from various international and regional organizations, and more than 2,500 business leaders, investors, and young innovators.
In his opening speech, Ruto pointed out that the current international financial system is “structurally unequal.” He noted that African countries face high borrowing costs and limited access to concessional finance, partly due to misconceptions about risk that do not accurately reflect the economic realities.
He stated, “The time ahead demands strong cooperation, renewed multilateral partnerships, and collaborations based on equality, mutual respect, and shared responsibility.”
French President Macron echoed these sentiments, asserting that the economic imbalance facing Africa is neither sustainable nor just. He remarked that the existing financial framework poses the greatest obstacle to Africa’s infrastructure and industrial development.
United Nations Secretary-General Antonio Guterres highlighted that current global financial institutions are insufficient in supporting Africa’s development goals. He called for reforms to enable African nations to access cheaper loans, manage their debts more effectively, and strengthen their voices in international institutions.
Guterres also urged Africa to enhance its capacity for domestic resource mobilization to drive economic transformation and reduce dependence on what he termed “outdated and unequal” global financial systems.
Mahmoud Ali Yusuf, Chairperson of the African Union Commission, noted that Africa possesses a significant reservoir of domestic capital, particularly in the form of pension and insurance funds, but it is not being fully utilized.
He added that Africa is now establishing financial institutions that will be operated by Africans themselves to reduce reliance on foreign lenders and credit systems.