Macron’s African Promise: Big Money, Small Change

Macron met with Kenyan runner Eliud Kipchoge and talked to students in Nairobi, then announced a $27 billion investment package at a Franco‑African summit. The plan includes a “first‑loss guarantee” that would let private investors take on initial losses, hoping to pull more money into African projects. But many experts say the offer is not enough. They argue that Africa needs real debt relief, such as pauses or cancellations, instead of just a safety net for investors. A French finance official said the system must be simpler and better coordinated, yet critics point out that France’s choices keep the old financial structure unchanged.African leaders like Kenya’s President William Ruto want credit rating agencies to lower borrowing costs, claiming Africa is over‑rated as risky. They also push for a debt‑refinancing scheme that would help poorer countries pay back their loans. The G7 summit next month will discuss these guarantees, but civil society groups say France should use its influence to demand debt cancellations for Global South nations. They claim that a small gesture is not enough to fix the bigger problem of high debt burdens. The summit was held in a non‑Francophone country for the first time, signalling France’s attempt to stay relevant on the continent. Yet analysts note that France still uses its former colonial power status to maintain economic ties, while presenting itself as a respectful partner.