Ruto urges Africa to unlock its own capital for development

President William Ruto called on African governments and financial institutions to utilize more of the continent's own savings for development during the Central Bank of Kenya's 60th anniversary celebrations in Nairobi on September 17, 2026. He emphasized the need for enhanced cooperation among African financial institutions to support trade, investment, and economic integration.

Ruto highlighted that African leaders had been advocating for greater central bank cooperation since 1963, with the first meeting of African central-bank governors held in 1965. He stressed that six decades later, the continent must build upon that foundation by making cross-border financial flows easier and promoting greater economic integration.

The President pointed to the African Continental Free Trade Area and ongoing investments in infrastructure as opportunities that would benefit from better-connected financial systems. He cited the Pan-African Payment and Settlement System as an example of efforts to streamline cross-border payments in local currencies. Ruto noted that Africa holds over $4 trillion in financial assets, but the challenge lies in directing a larger share of these resources towards infrastructure, industry, agriculture, technology, and businesses.

He reiterated his call at the G7 for international partners to support African institutions through guarantees and risk-sharing mechanisms, stressing that such measures could reduce investment risks and strengthen confidence. Ruto reiterated that every central bank present should contribute to this agenda, building on Kenya's 60-year-old Central Bank as a symbol of economic sovereignty.

He urged the countries to work towards becoming a more self-reliant trading bloc, financing more of their development, and converting more of their wealth into productive capacity.