Ruto Reveals Plan to Reduce Foreign Borrowing, Says Africa Has Over $4 Trillion in Domestic Assets

President William Ruto has outlined a plan to reduce Africa’s dependence on foreign borrowing, urging governments to mobilise domestic resources and use African financial institutions to fund development projects.

Speaking during the 25th Common Market for Eastern and Southern Africa (COMESA) Summit in Harare, Zimbabwe, Ruto challenged African leaders to take greater control of the continent’s financial resources.

The President argued that Africa possesses substantial wealth but continues to rely heavily on external financing while critical infrastructure and development projects remain underfunded.

According to Ruto, the continent holds more than $4 trillion in domestic financial assets, presenting an opportunity to finance its development without excessive dependence on foreign lenders.

He noted that much of this money remains in foreign accounts while African countries struggle to secure affordable financing for local projects.

“We cannot ask the world to trust African institutions if we do not trust them ourselves,” Ruto said in his keynote address.

Ruto Identifies Alternative Sources of Financing

The Kenyan leader called on governments to strengthen African financial institutions, including the African Development Bank, Afreximbank, the Africa Finance Corporation and the Trade and Development Bank.

He urged member states to place more reserves in these institutions, finance projects through them and support their bonds and guarantees.

Ruto argued that such measures would help African countries mobilise capital locally and take greater ownership of their economic development.

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He also called for increased cooperation between governments and private investors to ensure development programmes receive sustainable and predictable financing.

Ruto Calls for Increased African Trade

Beyond financing, Ruto urged COMESA members to increase regional trade, strengthen manufacturing and develop value chains that enable countries to process raw materials locally.

He criticised the longstanding economic model in which African countries export raw materials, import finished products and borrow money to cover the difference.

The President maintained that deeper regional integration would improve competitiveness and strengthen Africa’s resilience against global economic shocks.

His remarks come amid ongoing debates about public debt and the cost of borrowing across African economies.

However, the proposals would require stronger financial institutions, effective governance and coordinated policies to translate Africa’s domestic wealth into affordable development financing.

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