EconomyLens.com
No Result
View All Result
Tuesday, July 1, 2025
  • Home
  • Economy
  • Business
  • Markets
  • Tech
  • Editorials
EconomyLens.com
  • Home
  • Economy
  • Business
  • Markets
  • Tech
  • Editorials
No Result
View All Result
EconomyLens.com
No Result
View All Result
Home Economy

Africa presses for reform of ‘unjust’ global financial system

Thomas Barnes by Thomas Barnes
May 29, 2024
in Economy
Reading Time: 5 mins read
A A
1
43
SHARES
543
VIEWS
Share on FacebookShare on Twitter

Kenyan President William Ruto says the pace of African development is lagging behind its potential . ©AFP

Nairobi (AFP) – There is an urgent need for reforms to the “unjust” global financial system, which penalises African nations with high borrowing rates, leaders said at a major African economic gathering in Kenya this week.

Related

Big automakers report US sales jump on pre-tariff consumer surge

UK govt guts key welfare reforms to win vote after internal rebellion

UN aid meeting seeks end to Global South debt crisis

IMF urges Swiss to strengthen bank resilience

Greece starts charging tourist tax on cruises

Such calls have been mounting as African countries battle sometimes crippling levels of debt to fund their development as well as frequently unstable exchange rates.

The African Development Bank (AfDB) is forecasting that the continent’s overall economy would expand by 3.7 percent this year, a creditable performance given the global situation but insufficient given population growth.

To “transform Africa” — the theme of this year’s AfDB annual meetings in Nairobi — governments across the continent need vast financial resources, Kenyan President William Ruto said at an official ceremony on Wednesday.

“However, we face the rigid barrier of a global financial architecture that is fundamentally misaligned with our aspirations,” he said.

Ruto complained that African countries are forced to borrow on capital markets at rates far above those paid by the rest of the world, “often up to eight to 10 times more”, because of this “unjust” system.

After several years of restricted access to international markets, regional economic powerhouse Kenya was able in February to raise $1.5 billion in a new Eurobond at around 10 percent interest. In contrast, the yield on 10-year French government bonds is currently around three percent.

AfDB president Akinwumi Adesina of Nigeria also criticised the “so-called Africa risk premium” which meant countries on the continent were forced to borrow funds at higher rates than other nations with similar credit ratings.

He told a press conference on Monday that according to the UN Development Programme, “If Africa’s risks are properly and fairly estimated…African countries will save $75 billion a year just in debt service.”

The Nigerian economist also said Wednesday that Africa’s real gross domestic product growth was estimated at 3.7 percent this year and 4.3 percent in 2025, after an increase of 3.1 percent last year, despite many “headwinds”.

But Ruto, who has been leading African calls for changes to the global financial system, warned that “the pace of African development remains far behind its undeniable potential”.

© 2024 AFP

Tags: African Development Bankborrowing ratesglobal financial system
Share17Tweet11Share3Pin4Send
Previous Post

American Airlines shares sink as it lowers demand outlook

Next Post

Stocks slide, dollar gains as rate cut outlook dims

Thomas Barnes

Thomas Barnes

Related Posts

Economy

US Senate push to pass Trump’s unpopular spending bill enters second day

July 1, 2025
Economy

UK govt braces for crunch welfare reforms vote amid major rebellion

July 1, 2025
Economy

Indian capital bans fuel for old cars in anti-pollution bid

July 1, 2025
Economy

CBEX crypto scam: AI-hyped Ponzi scheme defrauds African investors

July 1, 2025
Economy

US judge orders Argentina to sell 51% stake in oil firm YPF

June 30, 2025
Economy

Nigeria theme park offers escape from biting economy

June 30, 2025
Next Post

Stocks slide, dollar gains as rate cut outlook dims

Australia engaging with Ticketmaster over hacking 'incident'

Nobel winner Yunus brings 'social business' mantra to Olympics

Boeing set to deliver plan to regulators on upgrading safety

0 0 votes
Article Rating
Subscribe
Notify of
guest
guest
1 Comment
Oldest
Newest Most Voted
Inline Feedbacks
View all comments
  • Trending
  • Comments
  • Latest

New York ruling deals Trump business a major blow

September 30, 2024

Elon Musk’s X fights Australian watchdog over church stabbing posts

April 21, 2024

Women journalists bear the brunt of cyberbullying

April 22, 2024

France probes TotalEnergies over 2021 Mozambique attack

May 6, 2024

Ghanaian finance ministry warns against fallout from anti-LGBTQ law

74

New York ruling deals Trump business a major blow

72

Shady bleaching jabs fuel health fears, scams in W. Africa

71

Stock markets waver, oil prices edge up

65

UK govt guts key welfare reforms to win vote after internal rebellion

July 1, 2025

French league launches own channel to broadcast Ligue 1

July 1, 2025

UN aid meeting seeks end to Global South debt crisis

July 1, 2025

IMF urges Swiss to strengthen bank resilience

July 1, 2025
EconomyLens Logo

We bring the world economy to you. Get the latest news and insights on the global economy, from trade and finance to technology and innovation.

Pages

  • Home
  • About Us
  • Privacy Policy
  • Contact Us

Categories

  • Business
  • Economy
  • Markets
  • Tech
  • Editorials

Network

  • Coolinarco.com
  • CasualSelf.com
  • Fit.CasualSelf.com
  • Sport.CasualSelf.com
  • SportBeep.com
  • MachinaSphere.com
  • MagnifyPost.com
  • TodayAiNews.com
  • VideosArena.com
© 2025 EconomyLens.com - Top economic news from around the world.
No Result
View All Result
  • Home
  • Economy
  • Business
  • Markets
  • Tech
  • Editorials

© 2024 EconomyLens.com - Top economic news from around the world.