President William Ruto has called for reforms of the global financial architecture to address destabilising debt and climate vulnerabilities in Africa.

The President said there is need to address the current situation because countries in the continent are struggling with high financing interest rates, while also dealing with climate shocks and constrained government revenues.

Consequently, he noted, developing countries, including in Africa, struggle to invest in low-carbon and climate-resilient development.

He explained that this financial situation puts at risk climate action and sustainable development goals.

“A better, more responsive, and fairer international development financial architecture is urgently needed. Time is of the essence,” he said.

President Ruto was speaking during the official opening of the 59th Annual Meetings of the African Development Bank Group and the African Development Fund at the Kenyatta International Convention Centre in Nairobi.

President Ruto said Africa needs to raise resources to invest in infrastructure and industrialisation to ensure rapid economic growth.

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

He pointed out that transforming the international financial architecture is an imperative that would give Africa a fair chance to turn its immense potential into opportunity, overcome multiple challenges and develop inclusively and sustainably.

President Ruto criticised the tendency of the international financial system to label Africa as a risky borrower despite its vast human, mineral and agricultural potential.

“We are told it is safe to mine in spaces where there is conflict, but it is risky to lend to African economies. What a contradiction?” he said.

He called on African States to work together to unlock barriers to intra-African trade using the African Continental Free Trade Area Agreement.

“We are struggling to look for markets everywhere except in our continent. We must first sell in the market that we have,” he said.

At the same time, President Ruto called for reforms in the African Union to make it fit for purpose.