President William Ruto slammed global rating firms over their continued profiling of Africa, saying reforms in the international financial system are needed to will help boost investor confidence in Africa.
The President said derisking Africa will foster better relations between the public and private sectors for the common good.
He noted that the current financial system that has falsely profiled the global south as a risky investment destination works against the continent.
“There is no way you can get private sector money into Africa if we have not sorted out the issue of risk. Nobody will invest here,” said President Ruto.
He made the remarks during the United Nations Conference on Trade and Development (UNCTAD) Presidential Dialogue dubbed “Kenya: a driving force in accelerating continental Trade and Investment”, Nairobi County.
The President said improved access to affordable development financing will help Africa to revamp its infrastructure, deepen integration and spur intra-continental trade.
He called for efficient trade facilitation and streamlined customs procedures to boost African trade.
“We must eliminate non-tariff barriers, simplify trade documentation and facilitate the movement of business and people across borders.”
Ruto said Africa must take bold steps to claim its fair share in international trade, saying the current 3 percent is not commensurable to the continent’s population.
This even as he called on developed nations to use their technology and resources to unlock Africa’s green energy potential.
According to Ruto, climate change is a global challenge that requires joint mitigation efforts to guarantee a win-win outcome.
“We do not want figure pointing; we want to solve this problem together.”
UNCTAD Secretary-General Rebeca Grynspan said reforms in the International financial system will help strengthen the institutions to offer better services.
“The institutions must be able to change and scale up the resources needed,” she said.