President William Ruto has urged the international community to rethink the way global financial and governance systems operate, saying Africa should be able to put its own financial resources to better use in driving development.
Ruto said African countries have considerable domestic savings that could support development across the continent, but much of the capital is not being used effectively.
He made the remarks on Tuesday during the Kenya-European Union Partnership for Multilateralism Summit in New York City, held on the sidelines of the 81st Session of the United Nations General Assembly.
The President also called for stronger cooperation among countries, saying Africa should not be forced to choose between the East and the West as it pursues its development interests.
“We are not facing east nor are we facing west; we are facing forward,” he said.
Ruto said the global system must also address concerns over the selective application of international law.
He argued that the future of the world should not be determined by a few countries and later imposed on the rest, calling for a system based on wider cooperation and shared interests.
The President’s call for reforms covered both international governance and global finance, with a focus on creating systems that allow countries, particularly in Africa, to use available resources more effectively for development.
Earlier, Ruto held talks with Dangote Industries President and CEO Aliko Dangote and Africa Finance Corporation (AFC) CEO Samaila Zubairu.
During the engagement, he announced that Kenya will next Wednesday launch the groundbreaking of the East Africa Refinery in Lamu.
Ruto said the refinery will play a role in strengthening energy security in East Africa while also supporting industrialisation in the region.
The President is in New York for the ongoing United Nations General Assembly, where he has been holding a series of engagements on global and regional issues.