At the Africa Forward summit in Nairobi, Kenyan President William Ruto and French President Emmanuel Macron are hosting over 30 African delegations and the UN secretary-general to push for a fundamental rethink of how global markets price risk in Africa. Kenya’s foreign minister, Musalia Mudavadi, argued that the continent has long been penalized with higher borrowing costs due to a perception of elevated risk, despite conflicts elsewhere showing that no region is immune. African leaders want credit rating agencies to stop overstating the continent’s risk, which deters investment. Mudavadi noted that the presence of major global and regional lenders at the summit could help unlock better financing mechanisms, create jobs, and ensure Africa is no longer disproportionately judged compared to other regions.
CNBC Africa
