President Willian Ruto
Source: Africa Publicity
Kenyan President William Ruto has sharply criticised the current global financial system, calling it “an agent of a new form of colonialism” that traps developing nations in cycles of debt and dependency.
Speaking at a special session titled “Breaking the Vicious Cycle: Debt, Nature, and Climate” on the sidelines of the second Africa Climate Summit in Addis Ababa, President Ruto decried what he termed as the “injustice” of an international financial architecture that penalises poor countries with high interest rates while rewarding wealthy nations with lower ones.
“This injustice locks developing nations in cycles of debt and dependency, denying them the resources they need to invest in growth, opportunity, and dignity for their people,” Ruto stated.
The Kenyan leader vowed that the developing world would no longer remain silent in the face of what he described as a system that undermines global equity and prosperity.
“We will not remain silent until this unjust financial architecture is reformed. We will continue to speak out because the present system does a grave disservice to the developing world and undermines the promise of shared prosperity,” he said, urging for urgent reforms.
Ruto’s remarks come amid growing calls from African leaders and global south nations for a more equitable financial framework that supports sustainable development, particularly in the face of the mounting climate crisis.
He concluded with a strong appeal for a reimagined global order:
“The time has come for a fair and just financial order—one that recognises the aspirations of all nations and gives every country the chance to thrive.”
The Africa Climate Summit has drawn leaders from across the continent and beyond, with discussions focusing on climate finance, environmental justice, and sustainable economic transformation in the developing world.
