South African President, Cyril Ramaphosa, addressed world leaders at the Summit for a New Global Financial Pact in Paris, expressing his concerns about the treatment of African countries during the COVID-19 pandemic and highlighting failed financial promises. Ramaphosa criticized Western nations for what he perceived as vaccine hoarding, stating that the African continent felt like beggars when they needed access to vaccines. He emphasized that these nations had purchased a significant portion of the world's vaccines and were not adequately sharing them with African countries.
Ramaphosa further noted that when African nations expressed their intention to manufacture their own vaccines and sought support from the World Trade Organization (WTO), they faced significant resistance. He questioned whether profit motives of big pharmaceutical companies were more important than saving lives. The South African President also highlighted a broken promise made by rich countries at a COP climate summit in 2009, where they pledged to provide $100 billion annually to help developing nations adapt to climate change.
Ramaphosa's foreign policy, particularly his recent visit to Moscow and allegations of covert arms supply to the Kremlin, has come under scrutiny in the West. However, during his visit, he led a peace delegation to Moscow and Kyiv, advocating for an end to Russia's invasion of Ukraine, which has had adverse effects on African consumers due to increased prices of food and fertilizer imports.
It's worth mentioning that President Bola Tinubu of Nigeria is also attending the Summit to network and attract foreign direct investment to Nigeria. His goal is to establish connections with international finance corporations and countries that can facilitate investment in Nigeria. The recent positive economic steps taken by President Tinubu, such as the unification of multiple exchange rates, have created a favorable environment for foreign investment in the country, according to Dele Alake, the Special Adviser to the President on Special Duties, Communication, and Strategy.
