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Africa Wants Investment And Equal Partnership, Not Aid

African and global leaders at the Africa Forward Summit called for fairer partnerships, financial reforms and stronger continental representation.

Kenyan President William Ruto on Tuesday declared that Africa no longer wants aid from Europe or global financial institutions, insisting instead on investment, equal partnerships and African-led economic transformation.

Ruto spoke at the opening of the Africa Forward Summit in Nairobi, Kenya, attended by French President Emmanuel Macron, Nigerian President Bola Tinubu and over 30 African leaders.
The summit, themed “Africa-France Partnerships for Innovation and Growth,” focused on economic reforms, innovation, climate action, technology and the restructuring of global financial systems.

Addressing participants, Ruto said Africa was tired of unequal relationships and wanted partnerships built on mutual respect, investment and shared prosperity.

“Africa wants investment and equal partnership, not aid,” the Kenyan leader declared, describing the summit as a “turning point” in relations between Africa and France.

He argued that the continent possesses the capacity to drive industrialisation, innovation and sustainable economic growth if given fair access to financing and investment opportunities.
Ruto also called for urgent reforms to the international financial architecture, insisting that African countries continue to face unfairly high borrowing costs because global credit rating agencies exaggerate the continent’s risk profile.

According to him, the inflated risk perception has continued to push interest rates higher for African economies despite their growth potential and resource base.

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