Ruto calls for reform of global finance

President William Ruto has called for foundational changes to the global financial system and international governance, saying Africa’s domestic savings are not being effectively harnessed for the continent’s development. Speaking during the Kenya-European Union Partnership for Multilateralism Summit on the sidelines of the ongoing United Nations General Assembly in New York City, President Ruto said Africa has sufficient domestic savings to support its development ambitions. He, however, noted that these capital reserves remain underutilized, calling for reforms that would enable African countries to better mobilize and deploy their own financial resources for development.