Ruto: Africa must finance its own development

Kenyan President William Ruto has emphasized that Africa must assume greater responsibility for financing its own development, urging African states to rely on their own financial institutions. He highlighted the continent's capacity to finance Africa's trade, insure its risks, and stand by its governments during times of uncertainty.

Ruto called for African governments to allocate more of their reserves to African institutions, channel development projects through them, and support their bonds and guarantees. During the 25th Summit of the Common Market for Eastern and Southern Africa (COMESA), Ruto stressed that Africa holds over $4 trillion in domestic financial assets, yet many of these remain in foreign accounts, failing to benefit the continent's projects.

He also announced that Kenya has increased its shareholding in key financial entities, such as Afreximbank, the Africa Finance Corporation, and African Trade and Investment Development Insurance (ATIDI), with a $16 billion East Africa refinery project being almost wholly funded by African financial institutions. Ruto stated that Africa cannot be ambitious in its plans without matching them with the necessary resources.

During his tenure as chairperson, Ruto has achieved stronger economic growth, increased intra-regional trade, and deeper digital integration within COMESA. He presented the COMESA 2026-2030 Medium-Term Strategic Plan and the 2025 Annual Report, emphasizing the need to accelerate intra-African trade, eliminate non-tariff barriers, and improve connectivity.

Ruto called for Africa to engage in mutually beneficial partnerships, forming a new approach rooted in sovereign equality, mutual benefit, and shared prosperity.