Africa Forward Summit Ends With Calls For Financial Overhaul To Drive Continental Growth

(MENAFN- IANS) Nairobi, May 12 (IANS) The inaugural Africa Forward Summit concluded on Tuesday, with world leaders and African heads of state urging for a new financial paradigm to unlock the continent's economic potential.

Co-chaired by Kenyan President William Ruto and French President Emmanuel Macron, the two-day summit brought together presidents and prime ministers from over 20 countries, global and regional organisation chiefs, as well as more than 2,500 business leaders, investors, and young innovators.

In his official opening remarks, Ruto described the current international financial system as "structurally unequal," Xinhua news agency reported.

He highlighted that African nations are burdened by disproportionately high borrowing costs and restricted access to concessional financing, barriers often fueled by distorted risk perceptions that fail to reflect actual economic realities.

"The times before us demand stronger cooperation, renewed multilateralism, and partnerships grounded not in hierarchy, but in sovereign equality, mutual respect, and shared responsibility," he said.

Macron said that the economic imbalance facing Africa is both unsustainable and unjust, noting that the current financial architecture is a primary barrier to the continent's infrastructure and industrial development.

United Nations Secretary-General Antonio Guterres said existing multilateral financial institutions cannot adequately finance Africa's development ambitions. He urged reforms to ensure African countries can access cheaper financing, manage debt more effectively, and have a stronger voice in international institutions.

He also called on Africa to strengthen domestic resource mobilisation to drive economic transformation and reduce dependence on a global financial system he described as "outdated and unfair."

African Union Commission Chairperson Mahmoud Ali Youssouf noted that the continent possesses vast pools of domestic capital -- primarily in the form of pension and insurance assets -- that remain largely underutilised.

He added that Africa is pursuing a strategy of establishing African-led financial institutions to reduce dependence on foreign lenders and credit systems.

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