President William Ruto has challenged African countries to tap into the continent's more than $4 trillion in domestic financial assets to finance development projects instead of relying heavily on foreign funding.

Speaking during the 25th Common Market for Eastern and Southern Africa (COMESA) Heads of State and Government Summit in Harare, Zimbabwe, on Thursday, Ruto urged African governments to invest more in homegrown financial institutions.

He said Africa must demonstrate confidence in its institutions by depositing more reserves with them, financing development projects through them and supporting their bonds and guarantees.

“We cannot ask the world to trust African institutions if we do not trust them ourselves. Africa holds more than $4 trillion in domestic financial assets. Yet much of these sit in foreign accounts, earning little while our own projects wait for capital,” Ruto said.

The President noted that African financial institutions have demonstrated their ability to finance trade, insure investments and support governments during periods of economic uncertainty.

He cited Kenya's increased shareholding in the African Export-Import Bank (Afreximbank), Africa Finance Corporation and African Trade and Investment Development Insurance (ATIDI) as examples of strengthening African-led financing.

Ruto also revealed that a proposed $16 billion refinery project in Kenya would be financed almost entirely by African financial institutions.

“Just for your information, the $16 billion East Africa refinery that will be built in Kenya will be almost wholly funded by African financial institutions. That is the scale of the resources that we have,” he said.

He challenged African leaders to match ambitious development commitments with adequate financing, warning against adopting plans without the resources to implement them.

“Every programme we agree upon must be matched by the resources to deliver it. Otherwise, our communiqués will promise what our budgets cannot pay for,” he said.

The summit also marked the handover of COMESA chairmanship from Ruto to Zimbabwean President Emmerson Mnangagwa.

Ruto highlighted progress made under Kenya's leadership, particularly in digital integration, regional value chains and efforts to boost intra-African trade.

He also launched the COMESA 2026–2030 Medium-Term Strategic Plan and the 2025 Annual Report, which outline priorities including removing non-tariff trade barriers, improving connectivity and accelerating regional integration.

The President called for faster implementation of the COMESA Market Levy to provide predictable funding for regional development priorities.

He argued that growing global protectionism makes regional trade integration increasingly important for Africa's economic resilience.

“Regional integration is no longer a dream we discuss. It is an economic and strategic necessity. We must trade more among ourselves, build resilient regional value chains and deepen our productive capacity,” Ruto said.

Mnangagwa praised Ruto's leadership, particularly his focus on digitalization and regional trade, while urging COMESA member states to strengthen economic resilience against global shocks.

Zambian President Hakainde Hichilema echoed the call for African-led development, challenging governments to move beyond declarations and take concrete steps towards economic integration.

“We are all saying the right things. We must now take the extra steps, walk the extra step to realise this vision. And nobody will do it other than ourselves,” Hichilema said.

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