You cannot build the future of a continent on loans designed to keep it in debt. During the UN General Assembly, Tanzania’s Vice President Deogratius Ndejembi aimed his focus squarely at the global economy, demanding urgent and sweeping reforms to the international financial system.
For decades, African nations have been forced to borrow money for essential development at crippling interest rates, far higher than those offered to wealthy countries. Vice President Ndejembi pointed out that this unfair system traps developing nations in a cycle of debt repayment, leaving little money for schools, hospitals, or green energy. “We are penalised by a financial architecture that was never designed with our prosperity in mind,” he explained.
He called for immediate action to unlock affordable, long-term development financing for the continent. “Africa does not lack potential; we lack fair access to the capital needed to realize that potential,” Ndejembi stated. He urged global institutions like the World Bank and the IMF to overhaul their lending rules and provide terms that actually support sustainable growth, rather than suffocating it.
This push for financial fairness is a cornerstone of Africa’s long-term vision. Ndejembi stressed that if the world truly wants to see Africa succeed and meet global climate goals, it must put its money where its mouth is. By demanding an end to predatory lending, Tanzania sent a strong message: Africa is ready to industrialize and grow, but the global financial system must become a genuine partner.