Ruto hands over COMESA chairmanship, pushes for levy to fund regional programmes

Kenyan President William Ruto transferred the chairmanship of the Common Market for Eastern and Southern Africa to Zimbabwean President Emmerson Mnangagwa on Thursday, October 22, 2026. The handover occurred during the bloc’s 25th Summit of Heads of State and Government in Harare, Zimbabwe. Ruto had assumed the one-year role from Burundian President Évariste Ndayishimiye at the previous summit held in Nairobi on October 9, 2025. His tenure emphasized utilizing digital technology to enhance regional integration, broaden trade networks, and foster inclusive economic growth. During his address, Ruto urged the organization to accelerate the implementation of a market levy designed to fund its programs and administrative bodies. He cited Article 168 of the COMESA Treaty, which mandates this levy to ensure sustainable and predictable financing for the bloc’s activities. Ruto warned against setting ambitious goals without securing adequate funding, stating that promises made in official documents must match available budgetary resources. He questioned whether member states could effectively finance their commitments and deliver results accordingly. To strengthen ownership of regional initiatives, he announced that officials from finance ministries, central banks, and related agencies would convene to review a draft resource mobilization strategy. This strategy aims to identify new methods for raising funds and reinforcing national commitment to regional programs. Ruto highlighted recent economic improvements within the region. He reported that COMESA’s economic growth rate climbed from 5.6 percent in 2024 to 6.4 percent in 2025. Inflation decreased significantly, dropping from 31 percent to 13.2 percent. Intra-regional exports reached a five-year high of $14.7 billion, marking a 10.5 percent increase. Exports to global markets also grew by six percent, totaling $212 billion. Despite these gains, Ruto argued that African nations need to process raw materials domestically rather than exporting unprocessed goods and importing finished products. He proposed that partners seeking access to African minerals, markets, and labor should engage in joint investment, processing, and construction efforts. The Kenyan leader further encouraged African countries to redirect domestic financial assets toward regional institutions. He noted that Africa holds over $4 trillion in domestic financial assets, much of which remains in foreign accounts. He identified the Trade and Development Bank, the African Trade and Investment Development Insurance, and ZEP-RE as key entities capable of mobilizing capital for trade, infrastructure, and development projects. Ruto advised governments to deposit more reserves with these bodies and support their bond issuances and guarantee schemes. He described regional integration as an economic and strategic necessity rather than a theoretical concept, particularly as global supply chains face disruptions and protectionist policies resurge.