President William Ruto has called on African countries to strengthen regional financial institutions and deepen economic integration as he handed over Kenya’s chairmanship of the Common Market for Eastern and Southern Africa (COMESA) in Harare, Zimbabwe.
Ruto urged member states to take greater responsibility for financing the continent’s development by mobilising domestic resources and strengthening African-led financial institutions.
He called on countries to channel more of their foreign reserves through these institutions, finance development projects using regional mechanisms and support their bonds and guarantees to enhance their capacity to fund Africa’s priorities.
The President said Africa must respond to shifting global economic dynamics and rising protectionism by strengthening regional cooperation, developing local value chains and increasing trade among member states.
“Our answer must be deeper regional integration, stronger value chains and increased trade among ourselves because the greatest market for Africa’s goods is Africa,” Ruto said.
He also called on the COMESA Secretariat to fast-track the proposed COMESA Market Levy, saying the initiative would provide sustainable and predictable financing for regional development programmes.
Ruto expressed satisfaction with the progress made during Kenya’s tenure at the helm of the regional bloc, citing stronger economic growth, increased intra-regional trade and deeper digital integration.
His remarks underscore Kenya’s push for greater economic self-reliance across Africa, with regional cooperation viewed as key to reducing dependence on external financing and strengthening the continent’s position in the global economy.
The handover in Harare marks the conclusion of Kenya’s tenure as COMESA chair, with member states expected to sustain efforts aimed at expanding trade, improving regional connectivity and promoting shared economic prosperity.
