NAIROBI, Kenya – President William Ruto has urged African nations to take charge of their own economic future by strengthening homegrown financial institutions, boosting regional trade, and embracing digital innovation.
Speaking at the 24th COMESA Summit of Heads of State and Government at the Kenyatta International Convention Centre (KICC) in Nairobi on Thursday, Ruto said Africa must break free from dependence on external financing dominated by wealthy nations and “chart its own growth path.”
“Africa’s development cannot rely on systems designed elsewhere. We must fund our own priorities, our own future,” he said.
The President called on member states to increase support for African-led banks such as the Trade and Development Bank (TDB), Afreximbank, Africa Finance Corporation, Shelter Afrique, Africa Re, and the African Trade and Investment Development Insurance (ATIDI).
Ruto said Kenya has already contributed $50 million to Afreximbank and committed an additional $100 million investment in TDB to strengthen regional financing capacity.
“These African-led banks are true partners in progress,” he said. “They offer long-term financing on fair terms that reflect our realities, not outdated global systems.”
Push for regional integration
The President lamented that intra-COMESA trade remains low, with Africa accounting for just 3 per cent of global trade and intra-African trade representing only 14 per cent of total commerce.
He urged member countries to shift from competition to collaboration and prioritise value addition, noting that exporting raw materials perpetuates economic dependence.
Ruto cited Kenya’s recent visa-free policy for African nationals as part of a wider vision for a “borderless, integrated continent” that allows the free movement of people, goods, and services.
Digital transformation and industrialisation
On digitalisation, Ruto said Africa must transition from being a consumer of technology to a creator and exporter of innovation.
“This is the spirit of African innovation we must now ignite and scale across our region,” he said, pointing to M-Pesa as an example of transformative African ingenuity.
He called for investments in both digital and physical infrastructure, including regional data centres, modern transport corridors, and secure cloud services to connect communities and boost trade.
To unlock the continent’s digital economy, Ruto proposed a single COMESA digital market with harmonised standards for e-commerce, digital payments, data protection, and cybersecurity.
“Fragmentation is itself a non-tariff barrier,” he warned, urging the adoption of electronic Certificates of Origin, Single Window Systems, and cross-border payment platforms to enhance efficiency and transparency.
Inclusive and sustainable growth
Ruto also underscored the need for inclusive and sustainable development, saying growth must uplift small businesses, empower women and youth, and protect the environment.
“Our growth must be inclusive—uplifting micro, small, and medium enterprises, empowering women and youth, and ensuring every citizen is a stakeholder in our shared prosperity,” he said.
The President further stressed that peace, security, and stability remain essential for sustained economic progress.
“There can be no development without peace, and no investment without stability,” Ruto said, urging African leaders to strengthen conflict prevention, uphold democracy, and promote good governance.
He concluded by reaffirming Kenya’s commitment to a united and forward-looking region.
“Together, we can build a COMESA that is digital, dynamic, and deeply inclusive—a bloc that reflects the promise of a rising Africa.”
