President William Ruto has officially taken over as Chairperson of the Common Market for Eastern and Southern Africa (COMESA), setting out a bold agenda focused on African-led development, regional integration, and economic self-reliance.
Speaking during the 24th COMESA Summit of Heads of State and Government held at the Kenyatta International Convention Centre (KICC) in Nairobi on Thursday, October 9, President Ruto urged African countries to rely less on external financing and instead strengthen homegrown financial institutions.
Ruto highlighted the critical role of African-owned lenders such as the Trade and Development Bank (TDB), Afreximbank, Shelter Afrique, Africa Finance Corporation, and the African Trade and Investment Development Insurance (ATIDI) in financing the continent’s growth.
“These African-led banks are true partners in progress. They provide long-term financing that reflects Africa’s priorities rather than outdated global systems,” he said.
Ruto noted Kenya’s commitment to this vision, revealing that the country has already contributed $50 million in share capital to Afreximbank and plans to invest an additional $100 million in TDB.
The Head of State also called on member nations to deepen regional trade, noting that Africa accounts for only 3 percent of global trade and just 14% African commerce. He urged countries to shift from exporting raw materials to producing value-added goods and to open borders to ease the free movement of people, goods, and services.
“Kenya’s visa-free policy for most African nationals reflects our belief in a borderless, integrated continent,” Ruto stated.
On digital transformation, the President emphasized that Africa must transition from being a consumer of technology to becoming an innovator and exporter of digital solutions. He cited M-Pesa as a prime example of African innovation that has transformed global mobile finance.
He further called for investment in modern transport networks, regional data centres, and digital infrastructure to strengthen connectivity and reduce trade inefficiencies.
“Fragmentation itself is a non-tariff barrier,” Ruto said, urging COMESA members to adopt harmonised e-commerce, digital payments, and data protection standards to create a unified digital market.
The President also championed industrialization, encouraging countries to embrace automation, artificial intelligence, and advanced manufacturing to drive growth, create jobs, and build competitive economies.
Ruto underscored the need for inclusive development that uplifts women, youth, and small enterprises while ensuring sustainable use of natural resources.
“Our growth must be inclusive and environmentally responsible, benefiting both present and future generations,” he affirmed.
He further reminded African leaders that peace and stability remain the foundation of progress.
“There can be no development without peace, and no investment without stability,” Ruto said, calling for stronger mechanisms to prevent conflicts and uphold democracy and good governance.
Ruto concluded his address by pledging Kenya’s full support to the regional bloc, saying, “Together, we can build a COMESA that is digital, dynamic, and deeply inclusive one that reflects the promise of a rising Africa.”
, setting out a bold agenda focused on African-led development, regional integration, and economic self-reliance.){kind=link}