NAIROBI – During the recent United Nations Conference on Trade and Development (UNCTAD) presidential dialogue in Nairobi, Kenyan President William Ruto emphasized the need for reforms in the international financial system. Such reforms, he highlighted, would strengthen investor trust in the African continent.
President Ruto advocated for improved risk assessments for Africa, emphasizing that a cooperative approach between public and private sectors can greatly benefit the broader community. He pointed out that addressing perceived investment risks is crucial to attract private sector investments in the continent.
Furthermore, he voiced concerns about the existing financial system’s characterization of the global south as a high-risk investment region. Such perceptions, he suggested, might be undermining potential investments in the continent.
President Ruto stressed the importance of Africa’s active role in international trade, noting that its current representation is not proportionate to its vast population. He urged for enhanced trade facilitation measures and more efficient customs procedures to promote intra-African trade.
Among the recommendations made, President Ruto highlighted the importance of removing non-tariff barriers, simplifying trade documentation, and facilitating smoother movement for businesses and individuals across borders.