How Ruto used ‘mambo matatu’ and Kalenjin phrase to address Africa’s funding problems
Speaking at the Africa Climate Summit 2023 at KICC, President William Ruto urged Africa to rethink its financing strategies in the face of the economic impacts of climate change.
With his characteristic wit, he incorporated his most recent controversial “mambo ni matatu” phrase into his argument on African financing.
“As we look at financing in Africa, three essential elements stand out, as we say in Kenya, ‘mambo ni matatu’,” President Ruto said. According to Ruto, the three key facets of financing in Africa are the speed of disbursement of funds, the size of accessible funds and the affordability of credit facilities.
He underscored the pressing issue of affordability of credit facilities, stressing that Africa faces up to five times higher interest rates for development capital. He cited this exorbitant interest rate as the main cause of debt distress in African countries, which hampers their ability to meet their financial obligations.
Ruto suggested that despite the appearance of potential debt traps, development finance from multilateral institutions is crucial to promoting African prosperity. To illustrate his point about the fear of debt, he recounted his experience as a Member of Parliament for Eldoret North in 1997, representing constituents who were debt averse. “They are risk-averse and debt-averse,” he remarked.
He shared an allegorical saying from his community, “Kaigai koparin besen kosir koparin panan”, and explained its meaning: “Besen” means debt, while “banan” means poverty. In this community, the proverb suggests that if one has to face demise, it is better to do so burdened by debt than to succumb to poverty as the outcome is inevitable. Ruto emphasised that Africa wants to avoid both debt and poverty, and that a discourse is needed on how to finance the continent’s economy without burdening its citizens.
This stance marks a shift from President Ruto’s previous comments on external debt during his presidential campaigns. In those campaigns, he frequently criticised his predecessor, Uhuru Kenyatta, for the country’s escalating debt levels, claiming that it was harming the economy. In October, he articulated his determination to manage the country’s spending by addressing the debt issue, revealing that the national debt stood at $10 trillion and calling for measures to curb excessive borrowing.
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