Ruto Calls for Stronger African Financial Institutions to Drive Continent’s Growth
The president said Africa’s long-term goal should be to shift from being a recipient of global capital to becoming a mobilizer of its own financial resources.
Photo: Courtesy.
By Robert Mutasi
President William Ruto has called for a stronger African financial architecture to mobilize investment and finance the continent’s development, saying Africa must increasingly rely on its own institutions rather than external sources of capital.
Speaking during the 26th Annual General Meeting dinner of the African Trade and Investment Development Insurance (ATIDI) at State House, Nairobi, Ruto said strengthening African financial institutions is key to unlocking the continent’s economic transformation.
“The New African Financial Architecture for Development is the solution to financing Africa’s transformation,” Ruto said. “It is time to back our own institutions, strengthen them, and give them the financial muscle to mobilise capital, mitigate risk and drive the continent’s development on African terms.”
The president said Africa’s long-term goal should be to shift from being a recipient of global capital to becoming a mobilizer of its own financial resources. He added that the continent should also develop institutions capable of assessing investment opportunities based on African realities.
Ruto said Kenya is already taking steps toward that objective through the National Infrastructure Fund, which he said is mobilizing domestic savings to finance major development projects.
According to the president, the fund is expected to mobilize KSh300 billion (about $2.3 billion) by the end of the week. Leveraged at a ratio of 1:10, the capital will help finance the country’s large-scale infrastructure programme.
He said the initiative demonstrates Kenya’s commitment to using domestic resources to accelerate economic growth while reducing reliance on external financing.
Ruto also praised ATIDI for its role in supporting Kenya’s development agenda, noting that the institution has backed more than $7 billion in investments across key sectors, including energy, transport, manufacturing, agriculture and trade.
To strengthen the partnership, the president announced that Kenya will progressively increase its shareholding in ATIDI from $25 million to $65 million.
He said the additional investment reflects the government’s commitment to reinforcing African financial institutions capable of supporting sustainable development across the continent.
“ATIDI has been an important partner in Kenya’s development journey,” Ruto said. “By strengthening institutions like ATIDI, we are strengthening Africa’s capacity to finance its own future.”
The annual meeting brought together government leaders, development finance institutions and investment partners to discuss strategies for expanding trade, investment and risk mitigation across Africa.
Ruto said building stronger regional financial institutions would help unlock investment, reduce financing risks and position Africa to drive its own economic transformation through locally led solutions.
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