Kenya has called on African countries to strengthen regional financial institutions, increase intra-African trade and deepen economic integration to accelerate the continent’s development amid shifting global economic dynamics.
Addressing the 25th COMESA Summit of Heads of State and Government in Harare, Zimbabwe, the Kenyan leader emphasised the need for African countries to take greater responsibility for financing their development priorities by mobilising domestic resources and supporting regional financial institutions.
“Africa must take greater responsibility for financing its development by strengthening its own financial institutions,” the leader said.
The leader urged African countries to place more of their reserves in regional financial institutions, channel development projects through them and support their bonds and guarantees to strengthen their capacity to finance major development programmes.
The address also highlighted the growing need for African countries to strengthen economic cooperation as protectionism rises and the global economic order continues to shift.
“As the global order shifts and protectionism rises, our answer must be deeper regional integration, stronger value chains and increased trade among ourselves because the greatest market for Africa’s goods is Africa,” the leader said.
The remarks underscored the importance of expanding trade among African countries, strengthening regional industries and building value chains that enable the continent to rely more on its own economic potential.
The leader further called on the Common Market for Eastern and Southern Africa (COMESA) Secretariat to accelerate the implementation of the COMESA Market Levy to provide sustainable and predictable funding for regional development priorities.
“We, therefore, call on the COMESA Secretariat to fast-track the COMESA Market Levy to secure sustainable and predictable financing for our regional priorities,” the leader stated.
The summit also marked the handover of the COMESA chairmanship from Kenya to Zimbabwean President Emmerson Mnangagwa.
Reflecting on Kenya’s tenure, the leader expressed satisfaction with the progress made during the country’s chairmanship, citing stronger economic growth, increased intra-regional trade and deeper digital integration among the bloc’s member states.
“We are proud of the progress made during Kenya’s chairmanship, including stronger economic growth, increased intra-regional trade and deeper digital integration,” the leader said.
The call for stronger financial independence and regional cooperation comes as African countries seek to expand economic opportunities, improve the financing of development projects and strengthen their collective position in the global economy.
The COMESA bloc continues to provide a platform for member states to pursue regional trade, investment and economic integration, with cooperation expected to play a key role in advancing sustainable development across the region.
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