HH and counterparts call for reformed global financial system

Mwila Nsofu

ZNBC News

President HAKAINDE HICHILEMA and two other African Heads of State have called for a complete overhaul of the global financial system.

President HICHILEMA, President WILLIAM RUTO of Kenya and President NANA AKUFO-ADDO of Ghana have noted that the global financial system has left African countries in precarious situations when it comes to debt and development finance.

They have said that the flaws in the financial system has made access to capital very expensive.

This is contained in a joint statement issued by the THREE Presidents and published by the Economist Magazine.

The Presidents have vowed not to sign any global regulations and agreements that are not shaped with their input.

They say the current global financial system does not favour Africa as most important decisions are made without consulting the continent.

They have argued that lower-income countries need sufficient access to concessional finance through the World Bank’s International Development Association.

Kenya has since agreed to host the IDA21 Conference in April and the countries are working hard to drive the fundraising for the critical form of finance.

The President and his counterparts have also said that Kenya has also agreed to co-lead two bodies to tackle the climate challenge in developing countries.

President HICHILEMA, President RUTO and President AKUFO-ADDO have suggested that Africa must now bring the World to the Continent by hosting global events.

They have proposed and supported the hosting of the Africa Economic Summit whose first meeting will be held in Kenya in 2025 followed by Zambia in 2026 and Ghana in 2027.

They have stated that hosting the Africa Economic Summit will bring the world to Africa.

This is according to a statement posted by President HICHILEMA on his Facebook page monitored by ZNBC News in Lusaka.

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