Ruto hands over COMESA chairmanship as regional growth rises to 6.4%

President William Ruto has called on African countries to increase trade among themselves and invest more in local industries after the Common Market for Eastern and Southern Africa (COMESA) recorded economic growth of 6.4 per cent in 2025, up from 5.6 per cent the previous year.

Ruto made the remarks on Thursday during the 25th COMESA Heads of State and Government Summit in Harare, Zimbabwe, where he handed over the chairmanship of the COMESA Authority to Zimbabwean President Emmerson Mnangagwa after Kenya’s tenure.

The President said the regional bloc had made progress in economic growth, inflation control and public finance management despite uncertainty in the global economy and disruptions to supply chains.

He pointed to increased trade among member states as one of the signs of progress, with exports within the bloc rising by 10.5 per cent to $14.7 billion. The figure was the highest recorded between 2020 and 2025.

Exports from COMESA countries to markets outside the region also grew by six per cent to $212 billion, reflecting an expansion in the bloc’s international trade.

“The numbers tell the story. Regional growth rose from 5.6% in 2024 to 6.4% in 2025. Inflation fell from 31% to 13.2%,” Ruto stated.

He said 13 member states had achieved the bloc’s inflation convergence target of seven per cent, within the agreed margin of one percentage point above or below the benchmark.

Ruto added that the average fiscal deficit had declined to 3.9 per cent of gross domestic product (GDP), while average government debt had dropped to 52.1 per cent of GDP.

The Head of State attributed the improvements to stronger economic cooperation and urged member states to build on the gains by expanding trade within the continent.

He said African countries should focus on creating larger markets for goods produced locally instead of depending heavily on external markets, arguing that stronger trade ties would benefit economies across the region.

“Behind these numbers is a clear lesson: when we trade with one another, we grow together. The greatest market for Africa's goods is Africa,” he maintained.

Established in 1994 to replace the Preferential Trade Area, COMESA brings together 21 member states in Eastern and Southern Africa. The organisation seeks to reduce trade barriers, widen markets and promote economic growth through regional integration.

The bloc serves a population of more than 640 million people and has a combined GDP of about $1 trillion, giving member states a large potential market for goods and services produced within the region.

Kenya's COMESA achievements

Reflecting on Kenya’s chairmanship, Ruto said the bloc had continued implementing measures to make cross-border trade easier, including providing technical assistance to 16 member states to strengthen participation in its free trade area.

Member states had also adopted revised rules of origin and increased the use of electronic certificates of origin, which were operational in six countries.

The measures are intended to cut administrative hurdles that businesses face when moving goods across borders and make regional commerce more efficient.

Ruto said COMESA was also working to link its certification systems with those of the Southern African Development Community and the African Continental Free Trade Area.

The effort is aimed at supporting the wider goal of creating a single African market in which businesses can trade more easily across national borders.

The President also highlighted programmes intended to help small businesses, cooperatives and manufacturers reach regional and international markets.

Among them is the €40 million Africa Trade Competitiveness and Market Access Programme, which seeks to improve export opportunities for micro, small and medium-sized enterprises, encourage greener trade and support continental integration.

A separate €42.5 million programme is designed to promote the shift towards a circular economy by encouraging sustainable business practices, more efficient use of resources and reduced waste.

Ruto said the initiatives would create opportunities for more businesses, particularly those owned or led by women and young people, to take part in regional and global value chains.

Ruto calls for greater investment in African institutions

Beyond expanding trade, Ruto urged African governments to channel more domestic financial resources into projects that support industrial growth, infrastructure development and commerce.

He argued that the continent had substantial financial resources that could be used to fund its development but that much of the money remained outside Africa while local projects struggled to secure financing.

“Africa holds more than $4 trillion in domestic financial assets in our central banks, insurance companies, and capital markets. Yet, too much of it sits in foreign accounts, earning very little, while our own projects wait for capital.”

The President called for stronger African financial institutions capable of directing more investment towards projects that increase production, improve infrastructure and support trade.

He said the continent needed to make better use of its own resources to finance development rather than leave viable projects waiting for capital.

Ruto further called for a shift away from exporting raw materials and importing finished goods, urging African countries to invest in local processing, manufacturing and production.

He argued that greater cooperation among member states would help African economies engage international partners from a stronger position while opening up more opportunities for businesses within the continent.

The handover to Mnangagwa marked the end of Kenya’s chairmanship of the COMESA Authority, with the bloc now expected to continue efforts to deepen regional integration, increase trade among member states and strengthen its ability to withstand global economic shocks.

The summit was held under the theme, “One Market, One Future: Advancing Inclusive Industrialisation, Investment and Regional Integration in COMESA”, reflecting the bloc’s focus on expanding commerce, attracting investment and strengthening economic ties.

Ruto concluded that sustained investment, stronger regional value chains and increased trade among member states would be necessary to ensure economic growth translates into wider opportunities for the bloc’s population.