Visiting Kenyan President William Ruto on Friday, May 17, called for a more inclusive approach to the ongoing reforms of international financing institutions, noting that the current system is unfair and that it neglects the interests of developing countries. The Kenyan Head of State was speaking on the second and final day of the 2024 Africa CEO Forum, which has drawn over 2,000 participants including Heads of State, leaders of international organizations and not-for-profit organizations, and captains of industry to discuss what is needed for Africa to secure its spot “at the table.” ALSO READ: Africa Does Not Have to Ask for a Seat At the Table, Kagame Tells Business Leaders The need to democratize the boards of multilateral development banks, Ruto pointed out, would ensure that all members have an equal say in the management of these institutions. The reforms, he added, would enable underserved countries to advocate for mutually beneficial outcomes, such as the allocation of additional resources for concessional loans. “Concessional loans have many benefits. They are long-term and can easily be leveraged by the private sector to enhance those resources,” said Ruto, adding, “This will help pull many countries out of debt distress and give them the opportunity to pursue their development goals.” Ruto maintained that there is a need to allocate resources tailored to address the challenges posed by climate change, to advance global climate action objectives. Value addition is the new gold President Ruto said Africa Africa must also prioritize value addition and stop exporting raw materials from the continent to enhance exports as a percentage of GDP. Corruption, he warned, must be dealt with to ensure resources are utilized to benefit all people.
