President William Ruto has urged member states of the Common Market for Eastern and Southern Africa (COMESA) to ratify the Pan-African Payments and Settlement System.
This system aims to facilitate and streamline trade within the region.
The President highlighted that adopting this payment system could save Africa over $5 billion each year in foreign exchange and transaction costs. “Rather than our traders focusing on currency exchanges, they can focus on driving trade initiatives,” he stated.
He emphasized the importance of reducing transaction costs for goods and services to boost trade among COMESA nations.
President Ruto’s remarks were delivered at the 23rd COMESA Summit held in Bujumbura, Burundi. He congratulated COMESA on the establishment of the Tripartite Free Trade Area (TFTA) last July, which he noted is a step toward maximizing the African Continental Free Trade Area’s potential. He also praised Madagascar for being the latest member to ratify the TFTA.
Additionally, he called for reforms within the African Union (AU), emphasizing the need for the organization to effectively serve the continent’s 1.4 billion people. “We must reform the AU to make it capable of serving the citizens of our continent,” President Ruto asserted.
In this context, he sought support for Kenya’s candidate, Raila Odinga, for the AU Commission Chairperson role, endorsing him as the best candidate.
President Ruto also encouraged COMESA member states to intensify their efforts toward regional integration and address current challenges. Reflecting on COMESA’s 30-year journey, he acknowledged its contributions to trade liberalization, increased exports, and cooperation in areas like peace, security, and sustainable development.
Highlighting infrastructure projects like the Northern Corridor and LAPSSET, he noted that these developments would enhance connectivity and improve efficiency in various sectors across the region.
President Ruto pointed out the evolving global landscape, noting the impact of climate change on supply chains. He emphasized that the summit’s theme, “Accelerating Regional Integration Through Development of Value Chains in Climate-Resilient Agriculture, Mining and Tourism,” aligns with COMESA’s priorities for growth and inclusive development.
He emphasized COMESA’s potential with its 640 million population and $1 trillion GDP, noting the opportunities for employment and wealth creation through industrialization and innovation. “Significant opportunities exist to increase intra-COMESA trade and create more opportunities for farmers, traders, and manufacturers,” he said.
Discussing agriculture, he stressed its importance to the region and Kenya’s commitment to the Climate-Smart Agriculture Strategy 2017–2026, which aims to build resilience, reduce emissions, and enhance food security. He also highlighted Kenya’s County Aggregation and Industrial Parks initiative, which seeks to reduce post-harvest losses, improve efficiency, and promote agro-processing.
Tourism, he noted, is another crucial sector needing sustainable strategies. Kenya is committed to encouraging investment in eco-tourism, conservation, and infrastructure to boost accessibility and tourism appeal. He advocated for a COMESA-wide visa to promote intra-regional tourism.
On mining, President Ruto noted that the region’s mineral wealth remains largely untapped. He outlined Kenya’s commitment to responsible mining practices, citing the IMKA Gold Project, which aims to eliminate mercury use in artisanal mining and formalize the sector for sustainable growth.
President Hakainde Hichilema of Zambia, outgoing COMESA chairman, noted that COMESA’s exports grew from $100 billion in 2020 to $219 billion in 2024, stressing the need for technology to boost agricultural productivity.
Incoming COMESA chairman, Burundi President Evariste Ndayishimiye, emphasized regional integration’s importance for economic empowerment, citing the free flow of goods and services as essential. He also highlighted the need to address security issues in Eastern DRC, Sudan, and Somalia.
