Ruto handed COMESA leadership to Mnangagwa at the summit in Harare.
President William Ruto urges African governments to back continental lenders as Zimbabwe takes over COMESA leadership.
President William Ruto handed the COMESA chairmanship to Zimbabwean President Emmerson Mnangagwa on Thursday, October 23, in Harare. He also urged African governments to finance development through the continent’s own financial institutions.
The handover took place during the 25th COMESA Heads of State and Government Summit at Zimbabwe’s New Parliament Building. Ruto expressed confidence that Mnangagwa would advance regional integration with support from member states.
COMESA chairmanship changes hands
Ruto said Kenya’s tenure had delivered stronger economic growth, increased trade within the region and deeper digital integration. He also highlighted digitalisation as a central tool for strengthening regional value chains and supporting inclusive growth.
Meanwhile, Mnangagwa praised Ruto’s leadership, particularly his focus on digitalisation and regional production networks. He urged leaders to pursue practical solutions that strengthen resilience against global shocks and improve prosperity.
As outgoing chairperson, Ruto presented and launched COMESA’s 2026–2030 Medium-Term Strategic Plan and its 2025 Annual Report. He said the report highlighted priorities including removing non-tariff barriers, improving connectivity and spreading the benefits of integration.
Ruto urges support for African lenders
Ruto called on governments to place more reserves with African institutions and channel development projects through them. He also urged states to support their bonds and guarantees.
The President said Africa holds more than $4 trillion in domestic financial assets. However, much of that money remains in foreign accounts while projects on the continent lack capital, he added.
He argued that African lenders had demonstrated their capacity by financing trade and insuring risks. Through the Alliance of African Multilateral Financial Institutions, he said, they can pool resources to operate across the continent.
Kenya has increased its shareholding in Afreximbank, the Africa Finance Corporation and African Trade and Investment Development Insurance, Ruto said. He added that African institutions would provide almost all financing for a planned $16 billion East Africa refinery in Kenya.
Regional trade and funding priorities
Ruto urged the COMESA Secretariat to accelerate work on the COMESA Market Levy to secure predictable regional funding. He stressed that governments must match agreed programmes with the resources needed to deliver them.
With protectionism rising, he called for deeper integration, stronger production networks and more trade between African countries. He also urged international partners to invest in processing and production rather than extract resources without corresponding local benefits.
Zambian President Hakainde Hichilema similarly called for practical action to unlock Africa’s resources for its people. He said Africans must lead the continent’s development rather than wait for others to act.
