African countries have been urged to rethink how they fund development projects, with a stronger focus on local savings and regional financial systems as concerns grow over rising debt levels across the continent.
Speaking during the closing ceremony of the Africa Forward Summit in Nairobi on May 12, 2026, President William Ruto said Africa must cut heavy reliance on external funding and build stronger confidence in its own economies and institutions.
He stressed that development will only be sustainable if countries learn to mobilise internal resources and strengthen institutions that manage African capital.
The President pushed for reforms and reinforcement of Development Finance Institutions (DFIs), noting that Africa already holds large pools of untapped money within pension schemes, insurance companies, and reinsurance firms.
“The first thing we need to do – and we have agreed with the African Development Bank, AfriExim, Trade Development Bank, and Africa Finance Corporation – is to structure our own DFIs before we go looking for money from other people,” Ruto said. “We will not allow ourselves to be exploited again.”
He questioned the logic of attracting external investors when local private sector players remain hesitant to invest within the continent.
“The question people ask, ‘if our own private sector does not have the confidence to invest in our continent, why would the private sector from elsewhere have the confidence?’” he stated.
Ruto also echoed remarks shared during the summit by President Paul Kagame, stressing that Africa must take full responsibility for funding its own priorities.
“Nobody owes us development. We owe it to ourselves,” Ruto said, quoting Kagame.
He further called on African governments and businesses to channel domestic savings into key sectors such as infrastructure, industrial growth, manufacturing, healthcare, and regional trade expansion.
According to him, stronger internal financing systems would reduce exposure to debt risks while supporting long-term economic stability.
Ruto also tied the discussion to the need for value addition across African economies, pointing to continued dependence on imports despite the continent’s rich natural resources.
He cited sectors such as oil refining, agriculture, manufacturing, and mineral processing, saying Africa continues to lose major value by exporting raw materials and importing finished goods.
The President noted that Africa produces large volumes of oil daily yet still spends heavily on imported refined petroleum products, adding that local processing would help retain value, grow industries, and create jobs.
Beyond economic reforms, Ruto renewed calls for changes in global governance structures, including the United Nations Security Council, arguing that Africa deserves fair representation in global decision-making.
The Africa Forward Summit brought together heads of state, financial institutions, policy leaders, and private sector players to discuss investment, financing, peace, and economic transformation across the continent.
Ruto concluded that stronger cooperation among governments, financial institutions, and businesses, combined with increased domestic investment and coordinated regional strategies, will be key in reshaping Africa’s development path.