President William Ruto has handed over the Common Market for Eastern and Southern Africa (COMESA) chairmanship to Zimbabwean President Emmerson Mnangagwa. The handover took place during the 25th COMESA Summit of Heads of State and Government in Harare, Zimbabwe. Ruto took over the one-year chairmanship from Burundi’s President Évariste Ndayishimiye at the 24th COMESA Summit in Nairobi on October 9, 2025. His tenure focused on using digital technology to deepen regional integration, expand trade, and promote inclusive growth.
During the handover, Ruto urged the regional bloc to fast-track a market levy to finance its programmes and institutions. He emphasized that every programme agreed upon must be matched by the resources to deliver it. Otherwise, the communiqués will promise what the budgets cannot pay for. Ruto said officials from finance ministries, central banks, and other relevant agencies would meet to consider a draft COMESA Resource Mobilisation Strategy.
The strategy aims to strengthen member states’ ownership of regional programmes and find new ways to raise funds. Ruto called on member states to make financing central to their discussions, warning that the bloc’s institutions and integration agenda would depend on their ability to fund agreed commitments. He asked, “Can we finance what we commit, and deliver what we finance?”
Ruto also urged African countries to channel more of their domestic financial resources into African institutions rather than leaving funds in foreign accounts while development projects lack capital. He stated that Africa holds more than $4 trillion in domestic financial assets. Regional financial institutions could mobilise more of these resources to support trade, infrastructure, and development.
Ruto named the Trade and Development Bank (TDB), the African Trade and Investment Development Insurance (ATIDI), and ZEP-RE among the institutions that could mobilise capital for regional priorities. He urged African governments to place more reserves with these institutions, finance more projects through them, and support their bonds and guarantees.
The outgoing COMESA chairperson said the bloc needed stronger regional value chains and more trade among member states. This is because global supply chains face disruption and protectionism returns. Ruto noted, “Regional integration is no longer a dream we discuss. It is an economic and strategic necessity.” He added that COMESA’s economic growth rose from 5.6 per cent in 2024 to 6.4 per cent in 2025.
Ruto reported that inflation in COMESA fell from 31 per cent to 13.2 per cent. Exports among member states increased by 10.5 per cent to $14.7 billion, their highest level between 2020 and 2025. Exports to global markets rose by 6 per cent to $212 billion. He argued that African countries needed to process more raw materials locally instead of exporting them and importing finished products.
Key points
- Ruto urges COMESA to fast-track a market levy to finance its programmes and institutions.
- African countries should channel more domestic financial resources into African institutions.
- COMESA’s economic growth rose from 5.6 per cent in 2024 to 6.4 per cent in 2025.
