Ruto hands COMESA chairmanship to Mnangagwa
Kenya's president urged African nations to fund their own development by using African financial institutions.
President William Ruto handed over the chairmanship of the Common Market for Eastern and Southern Africa (COMESA) to Zimbabwean President Emmerson Mnangagwa on Thursday in Harare. Ruto called on African governments to increase their use of African financial institutions for development projects and to hold more reserves with them. He noted that Africa holds over $4 trillion in domestic financial assets, much of which is held in foreign accounts.
During Kenya's tenure, the priority was leveraging digitalization to deepen regional value chains, which Ruto stated has become a programme. He highlighted that Kenya has increased its shareholding in Afreximbank, Africa Finance Corporation, and ATIDI. Ruto also presented the COMESA 2026-2030 Medium-Term Strategic Plan and the 2025 Annual Report, which focuses on accelerating intra-African trade and eliminating non-tariff barriers.
Ruto expressed confidence in Mnangagwa's leadership to advance COMESA's goals under the theme 'One Market, One Future'. He stated that the $16 billion East Africa refinery planned for Kenya will be funded almost entirely by African financial institutions. The summit also included Zambian President Hakainde Hichilema and COMESA Secretary-General Chileshe Mpundu Kapwepwe.
Why it mattersKenyan President William Ruto is pushing for African nations to finance their own development through African financial institutions.