Africa must do more to put its own money to work if the continent is to expand development, President William Ruto has said, pointing to more than Sh518 trillion in financial assets that could support investment across key sectors.
Ruto said African countries have built a large pool of financial resources through banks, pension funds, insurance funds and capital markets, but more of that money needs to be directed towards projects that can drive economic growth.
He spoke on Thursday, September 17, 2026, during celebrations to mark 60 years of the Central Bank of Kenya in Nairobi, where central bank governors and representatives from across Africa gathered to discuss the continent’s financial progress.
The President said African governments and financial institutions must strengthen their cooperation and build financial systems that allow money to move more easily between countries.
Ruto targets barriers to African trade
Ruto said the push for closer cooperation among African central banks has been under way for decades, with African leaders beginning efforts towards greater coordination in 1963.
He noted that the first meeting of African central-bank governors was held in 1965, saying the continent now needs to take the next step by making its financial systems more closely connected.
According to Ruto, increased trade under the African Continental Free Trade Area is creating more opportunities for the movement of goods and services across the continent.
At the same time, African countries are putting money into major infrastructure projects, including roads, railways, ports, energy networks and digital infrastructure.
He said these efforts could deliver greater benefits if African financial systems were able to support the movement of capital alongside the movement of goods and services.
“An African business trading with another African business should not face unnecessary cost and complexity merely because a border lies between them,” Ruto said.
He pointed to the Pan-African Payment and Settlement System as one of the initiatives aimed at dealing with such challenges.
The system was developed by Afreximbank in partnership with the African Union and the AfCFTA Secretariat to support cross-border payments using local currencies.
Ruto said Africa’s financial wealth presents an opportunity for the continent to take a bigger role in financing its own economic expansion.
He said more than Sh518 trillion is currently held in financial assets across African banks, pension funds, insurance funds and capital markets.
The President said the key task is to move more of these resources into areas such as infrastructure, industry, agriculture, technology and enterprise.
“ Our continent today holds more than $4 trillion in financial assets across our banks, pension funds, insurance funds, and capital markets. Our challenge is to mobilise more of that capital to finance African infrastructure, industry, agriculture, technology, and enterprise,” Ruto said.
He said Africa should continue working with international investors and development partners, but also strengthen its capacity to finance its own priorities using resources generated within the continent.
Ruto said a stronger financial system would allow African countries to increase trade among themselves while giving businesses greater access to capital.
The President also referred to his appeal at the G7 in June for international partners to provide guarantees and risk-sharing support to African institutions.
He said these measures could help lower perceived investment risks, improve confidence among investors and make it possible for more African capital to be put into development projects.
Ruto said the need to direct financial resources towards productive sectors applies both within individual countries and across the continent.
He called for Africa to increase the amount of trade conducted within its borders, finance more of its development from its own resources and turn its wealth into greater productive capacity.
The President said central banks across Africa have a role to play in achieving that goal by supporting stronger financial cooperation and helping create systems that allow capital to flow more easily.
He also described Kenya’s decision to establish the Central Bank 60 years ago as an act of economic sovereignty.
Ruto said Kenya’s financial institutions should build on that achievement by creating greater opportunities and helping lay the foundation for a more prosperous future.