{"id":130901,"date":"2024-05-30T07:40:22","date_gmt":"2024-05-30T04:40:22","guid":{"rendered":"https:\/\/tietopankki.crnet.fi\/fi\/news\/africa-presses-for-reform-of-unjust-global-financial-system\/"},"modified":"2024-05-30T07:40:22","modified_gmt":"2024-05-30T04:40:22","slug":"africa-presses-for-reform-of-unjust-global-financial-system","status":"publish","type":"post","link":"https:\/\/tietopankki.crnet.fi\/fi\/news\/africa-presses-for-reform-of-unjust-global-financial-system\/","title":{"rendered":"Africa presses for reform of \u2018unjust\u2019 global financial system"},"content":{"rendered":"<div class=\"mp_wrapper\">\n  <div class=\"mepr-unauthorized-message\">\n    <p>You are unauthorized to view this page.<\/p>\n  <\/div>\n  <div class=\"mepr-login-form-wrap\">\n            \n<div class=\"mp_wrapper mp_login_form\">\n                  <!-- mp-login-form-start -->     <form name=\"mepr_loginform\" id=\"mepr_loginform\" class=\"mepr-form\" action=\"https:\/\/tietopankki.crnet.fi\/fi\/login-2\/\" method=\"post\">\n            <div class=\"mp-form-row mepr_username\">\n        <div class=\"mp-form-label\">\n                              <label for=\"user_login\">Username<\/label>\n        <\/div>\n        <input type=\"text\" name=\"log\" id=\"user_login\" value=\"\" \/>\n      <\/div>\n      <div class=\"mp-form-row mepr_password\">\n        <div class=\"mp-form-label\">\n          <label for=\"user_pass\">Password<\/label>\n          <div class=\"mp-hide-pw\">\n            <input type=\"password\" name=\"pwd\" id=\"user_pass\" value=\"\" \/>\n            <button type=\"button\" class=\"button mp-hide-pw hide-if-no-js\" data-toggle=\"0\" aria-label=\"Show password\">\n              <span class=\"dashicons dashicons-visibility\" aria-hidden=\"true\"><\/span>\n            <\/button>\n          <\/div>\n        <\/div>\n      <\/div>\n            <div>\n        <label><input name=\"rememberme\" type=\"checkbox\" id=\"rememberme\" value=\"forever\" \/> Remember Me<\/label>\n      <\/div>\n      <div class=\"mp-spacer\">&nbsp;<\/div>\n      <div class=\"submit\">\n        <input type=\"submit\" name=\"wp-submit\" id=\"wp-submit\" class=\"button-primary mepr-share-button \" value=\"Log In\" \/>\n        <input type=\"hidden\" name=\"redirect_to\" value=\"\/fi\/wp-json\/wp\/v2\/posts\/130901\" \/>\n        <input type=\"hidden\" name=\"mepr_process_login_form\" value=\"true\" \/>\n        <input type=\"hidden\" name=\"mepr_is_login_page\" value=\"false\" \/>\n      <\/div>\n    <\/form>\n    <div class=\"mp-spacer\">&nbsp;<\/div>\n    <div class=\"mepr-login-actions\">\n        <a\n          href=\"https:\/\/tietopankki.crnet.fi\/fi\/login-2\/?action=forgot_password\"\n          title=\"Click here to reset your password\"\n        >\n          Forgot Password        <\/a>\n    <\/div>\n\n      \n    <!-- mp-login-form-end --> \n  <\/div>\n      <\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<div class=\"smart_content_wrapper\">\nThere is an urgent need for reforms to the \u201cunjust\u201d global financial system, which penalises African nations with high borrowing rates, leaders said at a major African economic gathering in Kenya this week. Such calls have been mounting as African countries battle sometimes crippling levels of debt to fund their development as well as frequently unstable exchange rates. The African Development Bank (AfDB) is forecasting that the continent\u2019s overall economy would expand by 3.7 percent this year, a creditable performance given the global situation but insufficient given population growth.<\/p>\n<p>To \u201ctransform Africa\u201d \u2014 the theme of this year\u2019s AfDB annual meetings in Nairobi \u2014 governments across the continent need vast financial resources, Kenyan President William Ruto said at an official ceremony on Wednesday. \u201cHowever, we face the rigid barrier of a global financial architecture that is fundamentally misaligned with our aspirations,\u201d he said. Ruto complained that African countries are forced to borrow on capital markets at rates far above those paid by the rest of the world, \u201coften up to eight to 10 times more\u201d, because of this \u201cunjust\u201d system.<\/p>\n<p>After several years of restricted access to international markets, regional economic powerhouse Kenya was able in February to raise $1.5 billion in a new Eurobond at around 10 percent interest. In contrast, the yield on 10-year French government bonds is currently around three percent. AfDB president Akinwumi Adesina of Nigeria also criticised the \u201cso-called Africa risk premium\u201d which meant countries on the continent were forced to borrow funds at higher rates than other nations with similar credit ratings.<\/p>\n<p>He told a press conference on Monday that according to the UN Development Programme, \u201cIf Africa\u2019s risks are properly and fairly estimated\u2026 African countries will save $75 billion a year just in debt service.\u201d The Nigerian economist also said Wednesday that Africa\u2019s real gross domestic product growth was estimated at 3.7 percent this year and 4.3 percent in 2025, after an increase of 3.1 percent last year, despite many \u201cheadwinds\u201d. But Ruto, who has been leading African calls for changes to the global financial system, warned that \u201cthe pace of African development remains far behind its undeniable potential\u201d.<\/p>\n<p>Source: <a rel=\"noopener\" href=\"https:\/\/www.digitaljournal.com\/business\/africa-presses-for-reform-of-unjust-global-financial-system\/article\">DJ<\/a><\/p>\n<\/div>\n<p>The post <a rel=\"noopener\" href=\"https:\/\/vastuullisuusuutiset.fi\/fi\/csr-news-en\/africa-presses-for-reform-of-unjust-global-financial-system\/\">Africa presses for reform of \u2018unjust\u2019 global financial system<\/a> appeared first on <a rel=\"noopener\" href=\"https:\/\/vastuullisuusuutiset.fi\/fi\">Vastuullisuusuutiset.fi<\/a>.<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[22],"tags":[14728,555,14729,757],"class_list":["post-130901","post","type-post","status-publish","format-standard","hentry","category-news","tag-arica","tag-csr-news-en","tag-finance-system","tag-global"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/tietopankki.crnet.fi\/fi\/wp-json\/wp\/v2\/posts\/130901","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/tietopankki.crnet.fi\/fi\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/tietopankki.crnet.fi\/fi\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/tietopankki.crnet.fi\/fi\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/tietopankki.crnet.fi\/fi\/wp-json\/wp\/v2\/comments?post=130901"}],"version-history":[{"count":0,"href":"https:\/\/tietopankki.crnet.fi\/fi\/wp-json\/wp\/v2\/posts\/130901\/revisions"}],"wp:attachment":[{"href":"https:\/\/tietopankki.crnet.fi\/fi\/wp-json\/wp\/v2\/media?parent=130901"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tietopankki.crnet.fi\/fi\/wp-json\/wp\/v2\/categories?post=130901"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tietopankki.crnet.fi\/fi\/wp-json\/wp\/v2\/tags?post=130901"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}