{"id":244,"date":"2026-10-04T07:57:03","date_gmt":"2026-10-04T07:57:03","guid":{"rendered":"https:\/\/www.inkit.co.ke\/?p=244"},"modified":"2026-10-04T07:57:03","modified_gmt":"2026-10-04T07:57:03","slug":"mongare-calls-for-reforms-to-global-financial-system","status":"publish","type":"post","link":"https:\/\/www.inkit.co.ke\/?p=244","title":{"rendered":"Mong\u2019are calls for reforms to global financial system"},"content":{"rendered":"\n
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Photo caption<\/p>\n\n\n\n

UDA Director of Communication Nathaniel Mong\u2019are during the Athens Democracy Forum at the Academy of Athens, Greece, where he called for reforms to the global financial system.<\/p>\n\n\n\n

By Mary Ndanu<\/p>\n\n\n\n

Athens, Greece<\/p>\n\n\n\n

UDA Director of Communication Nathaniel Mong\u2019are has called for reforms to the global financial system, saying it should be made fairer and more equitable for developing countries.<\/p>\n\n\n\n

Speaking at the Academy of Athens on the sidelines of the Athens Democracy Forum, Mong\u2019are said Kenya supports reforms to the global financial architecture to ensure countries in the Global South have access to affordable financing.<\/p>\n\n\n\n

He called for the establishment of new financial institutions beyond the World Bank and the International Monetary Fund (IMF), commonly referred to as the Bretton Woods institutions.<\/p>\n\n\n\n

Mong\u2019are also noted that the current financial system had disadvantaged developing countries by making it more expensive for them to access credit compared to Western and European economies.<\/p>\n\n\n\n

He said countries in the Global South could borrow at costs several times higher than those paid by Western and European economies, limiting their ability to finance development.<\/p>\n\n\n\n

Mong\u2019are further noted that the World Bank and IMF were established in 1944, at a time when most African countries, including Kenya, were still under colonial rule and had no role in shaping the institutions.<\/p>\n\n\n\n

He said that the institutions were initially established to support the reconstruction of Europe after the Second World War and oversee a fixed exchange-rate system linked to gold.<\/p>\n\n\n\n

According to Mong\u2019are, Europe has since been rebuilt, while the link between currencies and gold was abandoned in 1971, meaning the circumstances that informed the creation of the institutions have significantly changed.<\/p>\n\n\n\n

He also backed the establishment of the Africa Credit Rating Agency (AfCRA), which the African Union is expected to launch in Mauritius on October 7.<\/p>\n\n\n\n

He continued by saying that an African credit rating agency would provide a more accurate assessment of African economies and reduce the continent\u2019s reliance on international rating agencies such as S&P, Moody\u2019s and Fitch.<\/p>\n\n\n\n

He argued that the ratings assigned to African countries by the international agencies often contribute to higher borrowing costs, saying an African institution could provide assessments based on the continent\u2019s economic fundamentals.<\/p>\n\n\n\n

Mong\u2019are insisted Africa was not seeking special treatment but fair terms in the international financial system.<\/p>\n\n\n\n

He called for reforms that would give developing countries a greater voice in global financial institutions and improve their access to affordable financing for development.<\/p>\n\n\n\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

Photo caption UDA Director of Communication Nathaniel Mong\u2019are during the Athens Democracy Forum at the Academy of Athens, Greece, where he called for reforms to the global financial system. By Mary Ndanu Athens, Greece UDA Director of Communication Nathaniel Mong\u2019are has called for reforms to the global financial system, saying it should be made fairer […]<\/p>\n","protected":false},"author":7,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-244","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"_links":{"self":[{"href":"https:\/\/www.inkit.co.ke\/index.php?rest_route=\/wp\/v2\/posts\/244","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.inkit.co.ke\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.inkit.co.ke\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.inkit.co.ke\/index.php?rest_route=\/wp\/v2\/users\/7"}],"replies":[{"embeddable":true,"href":"https:\/\/www.inkit.co.ke\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=244"}],"version-history":[{"count":4,"href":"https:\/\/www.inkit.co.ke\/index.php?rest_route=\/wp\/v2\/posts\/244\/revisions"}],"predecessor-version":[{"id":257,"href":"https:\/\/www.inkit.co.ke\/index.php?rest_route=\/wp\/v2\/posts\/244\/revisions\/257"}],"wp:attachment":[{"href":"https:\/\/www.inkit.co.ke\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=244"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.inkit.co.ke\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=244"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.inkit.co.ke\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=244"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}