President William Ruto has handed over the chairmanship of the Common Market for Eastern and Southern Africa (COMESA) to Zimbabwean President Emmerson Mnangagwa, calling on African countries to rely more on their own financial institutions and expand trade within the continent.
The handover took place on Thursday, October 22, 2026, during the 25th COMESA Heads of State and Government Summit in Harare, marking the end of Kenya’s tenure at the helm of the regional economic bloc.
In his address, Ruto urged member states to place more of their foreign reserves with African financial institutions, channel development projects through them and support their bonds and guarantees to strengthen the continent’s capacity to finance its own development.
He also called on the COMESA Secretariat to fast-track the proposed COMESA Market Levy to provide sustainable and predictable funding for regional priorities.
“As the global order shifts and protectionism rises, our answer must be deeper regional integration, stronger value chains and increased trade among ourselves because the greatest market for Africa’s goods is Africa,” Ruto said.
The Kenyan President said his administration was proud of the progress made during the country’s chairmanship, citing stronger economic growth, increased intra-regional trade and deeper digital integration.
He maintained that African countries needed to strengthen cooperation and build competitive regional value chains to withstand changes in global trade and improve their economic position.
Ruto’s handover comes as COMESA member states seek to expand commercial opportunities, improve connectivity and accelerate industrialisation through closer economic cooperation. The bloc brings together 21 member states and promotes regional integration through trade liberalisation and cooperation.
Mnangagwa, who accepted the chairmanship, pledged to work with member states to advance industrialisation, investment and regional integration under the summit’s theme, “One Market, One Future: Advancing Inclusive Industrialisation, Investment and Regional Integration in COMESA.”
The Zimbabwean leader thanked Ruto for his leadership, particularly his focus on digitalisation and strengthening regional value chains.
He said the region needed better-connected markets to accelerate modernisation and industrialisation, enabling businesses to reach more customers and contribute to shared economic growth.
Mnangagwa also identified transport bottlenecks and limited access to financing among the challenges that member states must address. He called for new strategies to improve financial opportunities for young people, women and small and medium-sized enterprises.
During Zimbabwe’s tenure, he said his administration would prioritise value addition and beneficiation to ensure African countries derive greater economic benefits from their natural resources.
He also pledged to champion agro-processing industrial parks and climate-resilient agriculture to strengthen regional food security.
On infrastructure, Mnangagwa said roads and rail systems required long-term financing, urging governments to explore innovative funding models in partnership with development partners.
He further called for education and skills-training systems to be aligned with the needs of industry so that citizens could acquire skills relevant to producing goods and services that improve livelihoods.
The summit’s agenda also includes advancing regional integration, strengthening investment and reviewing the bloc’s priorities for the coming years.
The transition places Zimbabwe at the forefront of COMESA’s efforts to deepen economic cooperation, expand regional markets and ensure that integration delivers tangible benefits to businesses and ordinary citizens across member states.
