Former Nigerian Vice‑President Prof. Yemi Osinbajo said on Channel One TV that the current global financial system was designed without African participation and favours wealthier nations, pushing up borrowing costs for the continent.
Speaking to Bernard Avle on Monday, September 14, 2026, Osinbajo was in Ghana for an event hosted by the African Centre for Economic Transformation (ACET) under the theme “Securing Africa’s Future.” He is Co‑Chair of the Future of Development Cooperation Coalition (FDCC), which is working to reshape development finance.
Osinbajo highlighted three key areas needing reform: the cost of capital, debt burdens and remittance fees. He noted that remittance costs to Africa routinely exceed the global average of about three percent, creating a financial strain on diaspora communities.
“The whole point of the Future Development Cooperation Coalition is that systems need to change,” he said. “We need to discuss the international financial architecture so that it makes sense for low‑to‑middle‑income countries like those in Africa.”
The FDCC is currently engaging stakeholders to develop principles and recommendations that could reduce these constraints and move beyond the traditional donor‑recipient model.
Osinbajo concluded that Africa must gain a stronger voice in shaping international finance rules to address its unique realities and high borrowing costs.
