The President of Kenya, His Excellency William Samoei Ruto, is calling for a new international financial architecture and the eradication of the US dollar for use in international trades. This call is in reverberation of the effect of the US dollar’s strength that has weighed down on the rest of the world for centuries. To rectify this, President Ruto has asked that a new global financial architecture be created in such a way that the emerging markets and developing nations of the world are adequately represented.

The rationale behind this call is to bridge the overall gap between the global financial markets and the emerging markets. This will ensure that adequate attention and funds are put into developing nations so as to boost their growth. This will also allow emerging markets to be better integrated into the global economy.

In his call, President Ruto further proposed the idea of replacing the US dollar with multiple international currencies for global trading. This will ensure that international trades are less volatile, and will help to decouple emerging markets from the US economy entirely.

In a statement released to media, President Ruto said, “We believe a new international financial architecture is needed. A new global economy should enable fair representation of emerging markets in the international financial system, with multi-currency and less reliance on the US dollar for global trading. We must encourage the use of different currencies in global transactions."

Kenya is said to be working closely with several African nations to ensure that the continent is adequately represented in international negotiations on finance and trade. This move will go a long way to ensuring fairness in international trade and easing the pressure on developing markets like Kenya.

To ensure a successful transition into the new global financial architecture, President Ruto is advocating for the universal technical and economic support of other countries. This should go hand in hand with efficient regulations and more responsible governance.

President Ruto is raising a key point in his proposal—the importance of transitioning to a more balanced global economy. If developed and emerging markets are equally represented in the global economy, the world will become a more peaceful and prosperous place. Only then can there be a just and equitable approach to international trade and finance.