The battle to fix the 'rigged' financial system needs a strong African voice

"The financial system is, to put it bluntly, rigged against the Global South," the president of Kenya William Ruto said at the Mo Ibrahim Governance event hosted in Nairobi last week.

He was referring to the fact that poor countries pay much higher borrowing costs than wealthy countries—often between 10 and 20 percent, instead of just a little over zero—which is hampering their ability to deal with other crises such as climate change.

"At 10, 12, 15 percent it becomes impossible...

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Author Bio

Wester is a journalist from the Netherlands with a focus on the green economy. He joined EUobserver in September 2021. Previously he was editor-in-chief of Vice, Motherboard, a science-based website, and climate economy journalist for The Correspondent.