Tag: COVID19

South African President, Cyril Ramaphosa on Friday confronted the world leaders at the Summit for a New Global Financial Pact in Paris, over the treatment of African countries during the COVID-19 pandemic and other failed financial promises. Ramaphosa said the African continent felt like beggars when they needed access to vaccines during the COVID-19 Pandemic.

A cross-section of participants at the Summit for a New Global Financial Pact in Paris The former head of the African Union said that Western nations “had bought all the vaccines in the world and were hoarding them”. “We resented that and it got worse: when we said we wanted to manufacture our own vaccines and when we went to the WTO (World Trade Organization), there was a lot of resistance, enormous resistance. “We kept saying: what is more important? Life or profits by your big pharmaceutical companies?” Ramaphosa added that “we felt like life in the northern hemisphere is much more important than life in the global south.” Ramaphosa also brought to the attention of the leaders, a pledge by rich countries towards developing nations to help them adapt to climate change. A promise to provide $100 billion a year was made at a COP climate summit in 2009 but is yet to be fulfilled. South Africa’s foreign policy under Ramaphosa is under scrutiny in the West after his recent visit to Moscow to meet President Vladimir Putin and following allegations that the country provided arms covertly to the Kremlin. Ramaphosa led a 7-country African peace delegation to Moscow and Kyiv this month that pushed for an end to Russia’s invasion of Ukraine which has driven up the price of food and fertiliser imports for African consumers. Recall that President Bola Tinubu who is on his first foreign trip since his inauguration, is also at the Summit to network and attract foreign direct investment to Nigeria. According to Dele Alake, the Special Adviser to the President on Special Duties, Communication, and Strategy, “The President wants to network with international finance Corporations and countries that would facilitate foreign direct investment into Nigeria. “Don’t forget that Mr. President has taken some very bold steps in the area of economy, in the area of social engineering in the last few weeks, and particularly with reference to the unification of the multiple exchange rates, which has caused a very positive multiplier effect.”