United Nations Secretary General António Guterres at the UN Headquarters in Gigiri, Monday, May 11 /HANDOUTUnited Nations Secretary General António Guterres has criticised the global financial system for forcing African countries to pay interest on loans that are three times higher than what developed nations pay, despite Africa’s stronger financial standing and growth prospects.
Speaking at the UN Headquarters in Gigiri, Nairobi, on Monday during the inauguration of the United Nations Nairobi Expansion Project, Guterres reiterated his stance that the global financial system is unfair to poorer nations.
“It is not acceptable that African countries pay more than three times what developed countries pay in order to obtain the loans they need for development. Many of these countries have more solid financial situations and better development prospects than developed countries that obtain resources at much lower costs. This is absolutely unacceptable,” he said.
Guterres, who is in Kenya for a two-day visit as one of the headline delegates at the Africa Forward Summit 2026 hosted in Nairobi, presided over the $340 million expansion project at the UN offices in Gigiri alongside President William Ruto.
Ruto has been a vocal advocate for the overhaul of the global financial architecture, describing the current system as unjust, colonial in nature and biased against developing nations.
He argues that high interest rates and restrictive lending conditions trap African nations in cycles of debt and has consistently called for a fairer, more inclusive and democratic global financial system.
Among the proposals he has frequently championed at global forums such as the Africa Climate Summit, G7 and UN conferences is Africa’s permanent representation on the United Nations Security Council (UNSC), including at least two permanent seats with full veto powers.
Ruto argues that the current UNSC structure reflects post-World War II power arrangements established in 1945 rather than present-day global realities.
He cites Africa's lack of representation in the council’s permanent decision-making structure despite the continent's significant contribution to UN peacekeeping missions.
The current global financial architecture dates back to December 1945, when the International Monetary Fund and World Bank were established by 44 nations at the end of World War II to promote economic stability, prevent financial crises and support reconstruction.
Guterres argued that Africa was absent during the formation of those institutions and has continued to suffer the consequences.
“The truth is that because Africans were not at the table in 1945, essential institutions of global governance were created without African representation, and Africa continues to pay a huge price for that. That is why we are insisting there will be no justice until there are permanent African members in the Security Council,” the UN chief said.
He further argued that African interests would be taken more seriously if the continent had fair representation at the IMF and World Bank headquarters, vowing to continue advocating for Africa’s interests at the financial institutions.
“The African continent can count on me. I will always stand by your side to correct injustices and to make sure the world recognises the price Africa has paid because of the injustices it has suffered,” he said.
Guterres said the world must support the determination shown by African leaders in pushing for fairness in global decision-making platforms, adding that Kenya and President Ruto have remained among the strongest voices in that campaign.
