East Africa Power Shift: Ruto Transfers COMESA Leadership

President William Ruto has urged African nations to assume greater responsibility for financing their own development by bolstering indigenous financial institutions. Speaking at the 25th Summit of the Common Market for Eastern and Southern Africa (COMESA) Heads of State and Government in Harare, Zimbabwe, President Ruto emphasized the need for African States to demonstrate confidence in their own institutions. He highlighted that these institutions have proven their capability by financing trade, insuring risks, and supporting African nations when external partners withdrew. He called for African governments to channel development projects through these institutions, back their bonds and guarantees, and place more of their substantial domestic financial assets, which total over $4 trillion, within African accounts rather than foreign ones.

President Ruto pointed out Kenya's increased shareholding in significant African financial bodies like Afreximbank, the Africa Finance Corporation, and African Trade and Investment Development Insurance (ATIDI). He cited the example of the $16 billion East Africa refinery planned for Kenya, which will be almost entirely funded by African financial institutions, showcasing the continent's immense resource capacity. He stressed that ambitious plans must be matched with adequate financing, warning that unfunded communiqués would render promises hollow.

During the summit, President Ruto handed over the chairmanship of COMESA to Zimbabwean President Emmerson Mnangagwa. He expressed confidence in President Mnangagwa's leadership to advance COMESA's vision of