At this rate, Pan-Africanists might start seeing the Kenyan president as the continental successor of a number of departed luminaries, including Tanzania’s John Pombe Magufuli.
But since prophets don’t get praised at homes, Kenyans may not be too excited about William Ruto’s recent bold statements on international trade, media of exchange and multilateral lending institutions, just like not all Tanzanians thought Magufuli was the new light that had been missing on the continent, as he rode roughshod over sluggish bureaucrats and confiscated passports of foreign contractors who were taking Tanzania for granted.
The Pan-Africanists might even be tempted to mute Ruto’s first name and rename him David, as the man seems determined to slay the financial Goliath that is squatting over Africa’s face. Even before a month elapsed since he stood in Nairobi and called on Africans to ditch the dollar in international continental transactions and sign on to the Pan-African Payments and Settlements System (Papss) Ruto took the battle to the international lenders’ court and dismissed the World Bank and International Monetary Fund as hostages of rich nations, from which no good can be expected in handling climate change funds.
Dr Ruto called for the creation of a non-aligned bank to play the role of a green multilateral financier in handling the climate and debt crises that are chocking Africa. After biting the bullet by calling the Big Bretton Woods Brothers mere rubber stamps of mean Western governments, Ruto had nothing more to lose by stating whatever he feels about the powerful nations and their multilateral lender institutions.
He chose to ride the tiger and got prepared for the worst. So before leaving Paris, he delivered a powerful Sermon on the (Eiffel) Tower, where he repeated to a cheering multitude that the world has enough technology and cash to roll back climate change.
After identifying the problem, Brother David, however, suggested the “non-aligned” bank solution, whose practicability is doubtful since the same “kidnappers” he accuses of having abducted IMF and World Bank are still the ones expected to deposit the green taxes in it. They would definitely impose conditions on accessibility to the money or, more likely, take forever before making their deposits.
Therefore, “Prophet Ruto” should take the challenge where it belongs by selling the non-aligned bank to the Africans. He was actually quoted by Financial Times as having been disappointed by French President Emmanuel Macron, who was cold to the suggestion which, on the other hand, was supported by all the African leaders.
So, why waste time with begging non-receptive people who would rather maintain the status quo, instead of mobilising the victims and reminding them that they have the means! Was it Einstein who said a problem cannot be solved by applying the same thinking mode that created it — or words to that effect? Why seek the solution from those benefiting from the problem?
How has China climbed to the top of the world economically? Not by asking Washington or Paris; they sat in Beijing and decided to produce like capitalists while distributing like socialists. Today China is America’s biggest lender.
Africa, too, can learn to produce like the West and distribute the proceeds in African style. Starting with the non-aligned bank (Nab), Africa can make all the required deposits. The Nab’s equity and deposits would come from the affected sufferers of the climate change that they did not cause, the victims of loans whose actual value is hard to put a finger on. They would deposit natural capital, which they have in plenty.
The bank’s unit of account, the Papss or whatever it would be called, should be used to value the gold, cobalt, lithium, copper, diamond, even oil and whatever the depositors and shareholders would bring and whose value would be lent, or sold. Africa will then be able to finance the development it needs, including industries that would use its raw materials and supply the world’s fastest growing market.
Today, all of Africa acknowledges that they need to do something, starting with thinking for themselves instead of outsourcing the thinking and continue being captives of monetary systems that don’t work for them. So, David Ruto has willing audience. Go, Ruto go, and may you not succumb during the next round of Covid!
