President Ruto takes helm as COMESA chair, urges African-led growth and integration

President William Ruto has set a bold agenda for African economic independence, focusing on homegrown financial institutions, value-added trade, and regional integration.

Speaking at the 24th COMESA Summit of Heads of State and Government at the Kenyatta International Convention Centre (KICC) on Thursday, October 9, Ruto said Africa can no longer rely on external financing dominated by wealthy nations but must chart its growth path.

Ruto emphasised that Africa must support homegrown financial institutions 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) to fund its own development.

He highlighted Kenya’s commitments, noting that the country has already contributed $50 million as share capital to Afreximbank and is making an additional $100 million investment in TDB.

“These African-led banks are proving to be true partners in progress,” he said, explaining that these institutions provide long-term financing on favourable terms that reflect Africa’s priorities rather than outdated global systems.

Ruto also called for closer regional trade and cooperation, pointing out that intra-COMESA trade remains low, Africa contributes only 3% to global trade, and intra-Africa trade accounts for just 14 per cent of total commerce.

He urged member states to shift from competition to collaboration, move from exporting raw materials to building value chains, and create a market where people, goods, and services move freely.

Kenya’s decision to become visa-free for most African nationals reflects this vision of a borderless, integrated continent.

On digitalisation, Ruto said the continent must move from being a consumer of technology to a creator and exporter of innovative solutions.

“This is the spirit of African innovation we must now ignite and scale across our region,” he said, citing Kenya’s M-Pesa as a transformative example.

He called for investments in digital and physical infrastructure, modern transport corridors, regional data centres, and secure cloud services to connect villages, empower entrepreneurs, and link landlocked nations to global trade.

He also urged harmonised policies to remove digital barriers.

“Fragmentation is itself a non-tariff barrier. A single digital market for COMESA will require common standards for e-commerce, digital payments, data protection, and cybersecurity,” he said, emphasising electronic Certificates of Origin, integrated Single Window Systems, and interoperable cross-border payment platforms to improve efficiency and transparency.

Ruto highlighted industrialisation and technological advancement, encouraging member states to embrace Industry 4.0 with automation, artificial intelligence, and advanced manufacturing.

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“Digital solutions in logistics, including real-time cargo tracking, smart port management, and AI-driven supply chain systems, will reduce transit times, cut costs, and enhance transparency in our trade networks,” he said.

These efforts, he added, will transform raw materials into high-value products, create quality jobs, boost incomes, and expand regional economies. Inclusive growth and sustainability were also central to his address.

Ruto said, “Our growth must be inclusive, uplifting micro, small, and medium enterprises, empowering women and youth, and ensuring that every citizen becomes a stakeholder in our shared prosperity.” He stressed protecting the environment while pursuing development that benefits both present and future generations.

Ruto, at the same time, reminded leaders that peace, security, and stability are essential foundations for progress.

“There can be no development without peace, and no investment without stability,” he said, calling on member states to strengthen their capacity to prevent conflicts, resolve disputes peacefully, and uphold democracy, good governance, and the rule of law.

He pledged Kenya’s full support, stating, “Together, we can build a COMESA that is digital, dynamic, and deeply inclusive, a bloc that truly reflects the promise of a rising Africa.”