Ruto pushes for greater African representation in global financial, governance institutions

President William Ruto has called for the inclusion of Africa in efforts to reform international financial and governance institutions.

The President said these institutions need to be democratised, including the United Nations Security Council, the International Monetary Fund (IMF) and the World Bank, for the benefit of all nations.

"We are not asking for special treatment as Africa, but there must be equal treatment," he said.

President Ruto explained that Africa was not a passive observer in global affairs but an active participant shaping emerging systems of cooperation and development.

Speaking during a media interview in Evian, France, on the sidelines of the G7 Summit on Tuesday, President Ruto regretted that Africa was not at the table when some of the financial and governance institutions were established after the Second World War in 1945.

"As the African continent, we need a new paradigm shift with our partners. We need a new relationship and a new engagement," he said.

He pointed out that the current international system must evolve to reflect fairness, inclusivity and shared responsibility, cautioning that fragmented responses to global challenges would only worsen instability.

The President also called for increased African representation in global organisations.

President Ruto said he was confident that the G7 meeting would facilitate reforms at the UN Security Council to ensure it is democratic, representative and accountable.

"This meeting will be an opportunity for Africa to have a forthright and candid conversation with our partners," he said, adding that the "UN must not be run by an administrator but by a reformer".

At the same time, he described Africa as a great asset to global prosperity, noting that the continent has vast natural resources, including minerals, land and untapped renewable energy reserves.

By 2050, President Ruto said, 40 per cent of the world's workforce will be in Africa and 25 per cent of the global population will be living on the continent, meaning Africa will provide not only workers but also markets.

First, Africa should be able to access concessional development financing to unlock its potential.

Second, President Ruto regretted that the continent continues to borrow from international institutions at significantly higher interest rates than other economies, saying the situation should be corrected.

"We must also sort out the problem of global rating agencies exaggerating Africa's risk, yet the continent is not as risky as they want the world to believe," President Ruto said.

Third, the President said Africa should be part of the conversation on how technology, including artificial intelligence, should be used to drive economic growth.