President William Ruto has asked the G7 to advocate strongly for the reform of the multilateral global financial system.
In his addressing at the G7 Summit in Apulia, Italy on Friday, Ruto said the reforms should give the the Global South, in particular Africa, access to concessional, long-term and agile finance, and a greater voice and role in decision-making.
“I also urge the G7 to embrace the Common African Position on the reform of the UN Security Council,” he said.
Ruto added that no global institution can claim to champion humanity's universal values in 2024 while perpetuating marginalisation of 1.4 billion people from Africa's 54 nations.
He said Africa is seeking equitable financing and also pursuing a partnership for progress.
“There is a significant opportunity for the G7 to invest in projects that address Africa's significant infrastructure gaps and thus turbocharge our development,”
Ruto called for a G7-Africa partnership “to reach and transform every part of the world.”
The G7 or he Group of Seven is an intergovernmental political and economic forum consisting of Canada, France, Germany, Italy, Japan, the United Kingdom and the United States; additionally, the European Union is a "non-enumerated member".
In his address, Ruto regretted that far too many countries are forced to choose between repaying creditors and investing in their economy and people.
Africa’s abundant energy resources, uptake of pioneering technologies, and commitment to innovation places the continent at a promising vantage point for transformative partnerships and investments.
“In Kenya, a collaboration with Microsoft of the US and G42 of the UAE is developing a $1 billion green data centre, which combines green energy and AI to exemplify a future of transformative possibilities,” he said.