President Ruto calls for fairness, partnership at Global Financing Conference

President William Ruto has called on the international community to embrace fairness, inclusivity, and structural reform in global finance, warning that Africa’s development cannot be achieved through fragmented or exploitative systems.

Speaking during the 4th International Conference on Financing for Development (FfD4) in Spain, Ruto urged developed nations and global financial institutions to re-examine their treatment of African economies and partner in a more equitable future.

Ruto stated that Africa is poised to become the next frontier of global production and innovation, but stressed that this will only happen if global partnerships are structured around justice and shared prosperity.

“Africa’s development is first, our foremost responsibility. We approach it with purpose and determination. Yet, strong global partnerships remain essential to our collective success,” Ruto said.

He lauded the conference’s emphasis on national ownership and sovereignty in development finance, stating that African nations must take the lead in shaping their own destinies.

He further said this autonomy must be supported by a global financial environment that recognizes Africa’s potential and unique challenges.

President Ruto welcomed calls for greater flexibility in Official Development Assistance (ODA) and acknowledged the growing recognition of trade and industrialization as drivers of structural transformation.

“No country has achieved lasting prosperity without manufacturing and export diversification. Africa is read for industrial transformation and climate action,” he said.

The Head of State said the world must stop viewing African debt as a risk to be managed and instead see it as a developmental tool that, when used responsibly, can uplift entire nations.

He called for a new sovereign debt architecture that promotes transparency, crisis prevention, and fairness in lending and borrowing.

“Public debt should be an instrument for development, not a trap for distress. Debt sustainability assessments must be objective, long-term oriented, and rooted in development potential, not just fiscal arithmetic,” he declared.

Ruto also welcomed parts of the outcome document that emphasized reforming the governance structures of international financial institutions, particularly the International Monetary Fund (IMF).

He supported proposals to increase access to precautionary instruments, lower lending rates, and make better use of Special Drawing Rights (SDRs), arguing that what was once seen as “radical” is now becoming mainstream consensus.

Ruto strongly criticized how African economies are assessed by global credit rating agencies, noting that their outdated models and biases result in unjustifiably high borrowing costs.