NAIROBI, Kenya Oct 23 – Africa must take greater responsibility for financing its development by strengthening its own financial institutions, President William Ruto has said.
The President urged African States to show confidence in African institutions, saying they have already demonstrated their capacity by financing Africa’s trade, insuring the continent’s risks and standing with African States when others stepped back.
He called on African governments to place more of their reserves with African institutions, channel development projects through them and back their bonds and guarantees.
Through the Alliance of African Multilateral Financial Institutions, he explained, African institutions can now pool their strength and act on a continental scale.
“We cannot ask the world to trust African institutions if we do not trust them ourselves. Africa holds more than $4 trillion in domestic financial assets. Yet much of these sit in foreign accounts, earning little while our own projects wait for capital,” he said.
President Ruto made the remarks on Thursday during the 25th Summit of the Common Market for Eastern and Southern Africa (COMESA) Heads of State and Government held at the New Parliament Building in Harare, Zimbabwe.
Zambian President Hakainde Hichilema, COMESA Secretary-General Chileshe Mpundu Kapwepwe and AfCFTA Secretary-General Wamkele Mene were among those present.
Kenya, President Ruto pointed out, has increased shareholding in Afreximbank, the Africa Finance Corporation and African Trade and Investment Development Insurance (ATIDI).
“Just for your information, the $16 billion East Africa refinery that will be built in Kenya will be almost wholly funded by African financial institutions. That is the scale of the resources that we have,” he said.
He noted that Africa cannot be ambitious in its plans and timid in financing them.
“Every programme we agree upon must be matched by the resources to deliver it. Otherwise, our communiqués will promise what our budgets cannot pay for,” he said.
At the summit, President Ruto handed over the chairmanship of COMESA to Zimbabwean President Emmerson Mnangagwa.
He expressed confidence in President Mnangagwa’s leadership to take COMESA forward.
“Under his stewardship, and with the support of every Member State, I trust that we will turn the ambition of One Market, One Future into progress our people can see and feel,” he said.
The President said he was proud of the progress made during Kenya’s chairmanship, including stronger economic growth, increased intra-regional trade and deeper digital integration.
“When we assumed the Chair, we set one priority: Leveraging digitalisation to deepen regional value chains for sustainable and inclusive growth. Today, that priority is a programme, not a slogan,” he said.
As the outgoing chairperson, President Ruto also presented and launched the COMESA 2026-2030 Medium-Term Strategic Plan and the 2025 Annual Report.
The report, he said, outlines the need to accelerate intra-African trade, eliminate non-tariff barriers, improve connectivity and ensure the benefits of integration reach every segment of society.
He noted that as the global order shifts and protectionism rises, Africa’s response must be deeper regional integration, stronger value chains and increased trade among African States.
He pointed out that the greatest market for Africa’s goods is Africa.
“Regional integration is no longer a dream we discuss. It is an economic and strategic necessity. We must trade more among ourselves, build resilient regional value chains and deepen our productive capacity so that we can withstand the next shock and seize the next opportunity,” he said.
The President, therefore, called on the COMESA Secretariat to fast-track the COMESA Market Levy to secure sustainable and predictable financing for regional priorities.
He explained that integration should be measured not by the volume of trade or the strength of institutions alone but by the opportunities created for citizens of the continent.
The President also said Africa seeks a new engagement with its partners, rooted in sovereign equality, built on mutual benefit and measured by shared prosperity.
President Ruto reiterated that the era of extracting Africa’s natural resources without corresponding benefits for the continent must give way to mutually beneficial partnerships.
“To every partner who seeks our minerals, our markets and our young workforce, our offer is clear: Invest with us, process with us, build with us. We will be fair in our partnerships, firm in our interests, open in our markets, and reliable in our word,” he said.
He added: “Africa does not come asking for a seat at the edge of the table. We come to help set it.”
On his part, President Mnangagwa commended President Ruto for his steadfast leadership during his tenure, steering COMESA with purpose and clarity, particularly in digitalisation and regional value chains.
He called on the summit to advance practical and sustainable solutions that will strengthen resilience, reposition the region to better navigate global shocks and promote the prosperity of the continent.
“With unity of purpose, let us deliver on the promise of shared prosperity, a better life and a better future for the people of Africa,” he said.
President Hichilema called on African nations to walk the talk on integration by unlocking the continent’s resources for the benefit of its people and the vast African market.
He said that Africans are responsible for developing Africa, noting that others will follow if citizens take the lead.
“We are all saying the right things. We must now take the extra steps to realise this vision. And nobody will do it other than ourselves,” he said.