President William Ruto has asked the World Bank and the International Monetary Fund to to review their plans to match the aspirations of Africa.
Ruto said the Bretton Woods institutions have the power to transform the continent. and noted that this can be realised if these Institutions attain a significant measure of Africanisation in their aspects.
“It is time for both climate financing mechanisms and multilateral development financing to imagine Africa as a legitimate stakeholder,” he said.
He was making his maiden address at the 36th Ordinary Session of the Assembly of Heads of State and Government of the African Union on Saturday in Ethiopia.
He told the meeting that development interests of Africa should be accorded ample financial support to tame the cycle of inequality and exploitation.
“We must arm Africa with the requisite tools to build resilience and cushion the continent from adverse impacts such as conflicts.”
The President said while Africa has been the least contributor to climate change, it continues to bear the brunt of the negative impacts from industrialised carbon emitters.
Even so, he noted, “the continent must lead the way in choosing green growth as the critical pathway to a sustainable future”.