President William Ruto has urged the global community to reform international financial structures, saying Africa’s development will remain limited under outdated, unequal systems that fail to respond to the continent’s realities and potential.

Speaking at the 4th International Conference on Financing for Development (FfD4) in Spain, Ruto challenged wealthy nations and global financial institutions to shift their engagement with African economies towards fair, balanced, and respectful partnerships.

“Africa’s development is our primary duty, and we pursue it with intent and focus. Still, meaningful global alliances are vital to our shared progress,” he said.

He noted that Africa is poised to become a global hub for production and innovation, but this future depends on equity-driven cooperation. He welcomed the conference’s emphasis on national leadership and sovereignty in development financing, urging African countries to take ownership of their growth strategies.

At the same time, he stressed that such autonomy must be backed by a global system that appreciates and responds to Africa’s specific needs and strengths.

Ruto backed calls for greater flexibility in how Official Development Assistance is provided and welcomed the growing recognition of trade and industrialization as key drivers of long-term economic transformation.

“No country has ever reached sustained prosperity without strengthening its manufacturing base and diversifying exports. Africa is ready for that shift, alongside bold climate action,” he remarked.

He criticized the global narrative around African debt, calling for a shift in perspective to see debt as a tool for growth, rather than a burden, when managed well. He advocated for a redesigned sovereign debt framework focused on transparency, crisis prevention, and fair lending.

“Public debt should serve as a tool for development not a source of distress. Debt sustainability reviews must go beyond fiscal math and reflect long-term development potential,” Ruto said.

He also supported sections of the conference’s final declaration that call for reforms in the governance of global financial institutions, especially the IMF. He welcomed proposals to expand access to emergency finance, lower borrowing costs, and better utilize Special Drawing Rights (SDRs), noting that such reforms were once dismissed but are now gaining traction.

Ruto ended by calling out international credit rating agencies for using outdated and biased models that penalize African economies, making it harder and more expensive for them to access funds for growth.