President William Ruto has urged African nations to bolster their regional financial institutions and ramp up intra, Africa trade to raise development finance and lessen reliance on outside aid.
President Ruto made the remarks during the 25th Common Market for Eastern and Southern Africa (COMESA) Summit of Heads of State and Government in Harare Zimbabwe where he officially handed over the organisation’s chairmanship to Zimbabwean President Emmerson Mnangagwa.
The head of state called on member states to increase the portion of their reserves held in African financial institutions, fund development projects through them and buy their bonds and guarantees.
According to Ruto, elevated levels of protectionism, and the shifting global economic order said that the countries further intensify their regional integration, boost value chains and trade among themselves.
He said the Africa home market is a great opportunity for its products and called for regional integration and boosting economic cooperation among nations.
Furthermore, the president urged the COMESA Secretariat to expedite the implementation of the proposed COMESA Market Levy so that it could be a more predictable and sustainable source of financing for regional priorities.
He also called on the COMESA Secretariat to fast-track the proposed COMESA Market Levy to provide sustainable and predictable financing for regional priorities.
He stated that by deepening the Regional Organizations, and increasing cooperation among them, African nations could mobilise resources to pursue common development objectives in the face of new global economic realities.