Kenyan President William Ruto renewed his call for the world to view Africa as a partner rather than a burden on Tuesday, as leaders of the Group of Seven (G7) economies endorsed reforms aimed at addressing debt challenges facing developing nations.
Speaking at the G7 Summit in Évian, France, where he was invited to represent African interests, Ruto argued that the continent’s economic potential continues to be constrained by limited access to affordable financing and what he described as unfair perceptions of risk.
“We must sort out the issue of access to concessional resources to unlock the potential of Africa,” Ruto said. “Africa continues to borrow from the international community at significantly high interest rates, even higher than comparable economies in the world. We must deal with a mispriced Africa.”
His remarks came shortly before G7 leaders adopted a declaration on international partnerships that acknowledged the need to reform global development financing and strengthen the international debt system.
In the declaration, the leaders said they recognised the need to update international development institutions to better address current challenges and future needs.
“We will continue our efforts to strengthen the global debt architecture,” the document said, calling for greater transparency in debt data and lending practices among governments, lenders and international institutions.
The declaration also pledged efforts to improve coordination among development actors and reduce fragmentation within the global development system.
Debt reform has become a central theme of Ruto’s international engagements. The Kenyan leader has repeatedly argued that African countries are often charged higher borrowing costs because of risk assessments that do not accurately reflect economic realities on the continent.
According to Ruto, the result is that many African nations spend a significant share of their resources servicing debt instead of investing in development, infrastructure and social programmes.
The G7 — comprising the United States, Britain, France, Germany, Italy, Japan and Canada, along with the European Union — has previously expressed support for debt reform initiatives.
At last year’s summit in Kananaskis, Canada, leaders advocated stronger protections in sovereign debt contracts and broader relief mechanisms for vulnerable countries. They also proposed including repayment suspension clauses in lending agreements to help countries recover from climate-related disasters before resuming debt payments.
“Improving debt contracts helps protect vulnerable countries facing crises,” G7 leaders said at the time.
Canada has since moved to incorporate such provisions into some of its lending arrangements, although similar measures have not yet been widely adopted by other G7 members. China, one of the world’s largest bilateral lenders, is not part of the grouping.
This year’s summit took place against the backdrop of multiple global crises, including conflicts in the Middle East and Ukraine, instability in Sudan, economic pressures linked to energy markets, and public health concerns such as Ebola outbreaks in parts of Africa.
Although Kenya is not a member of the G7, French President Emmanuel Macron invited Ruto to attend and contribute African perspectives to discussions on global governance and development.
Ahead of the summit, Ruto said Africa would continue pressing for reforms to international institutions, including the United Nations and global financial bodies.
“There are mechanisms that we can de-risk whatever that people think is a risk in Africa,” he said, pointing to the role of African multilateral financial institutions in providing guarantees that could help countries secure financing on better terms.
The G7 declaration also acknowledged calls for reform of the United Nations system.
While reaffirming the UN’s central role in international cooperation, the leaders said changes were needed to ensure the organisation remains effective in addressing modern challenges.
The declaration further pledged support for efforts to combat Ebola outbreaks in Uganda and the Democratic Republic of Congo, while also backing international cooperation in medical research and cancer treatment initiatives.
For African leaders, the summit offered another opportunity to push for a global financial system they say is fairer, more representative and better equipped to support the continent’s development ambitions.
