Africa should not rely on aid for development, Ruto says
National
By
Fred Kagonye
| May 12, 2026
President William Ruto has said Africa cannot continue depending on foreign aid to finance its development, urging the continent to focus on investment, innovation and mobilizing local resources.
Speaking on Tuesday, May 12 at the Africa Forward Summit in Nairobi, Ruto said aid alone was insufficient to meet Africa’s growing development needs.
“Enduring partnerships must not be built on dependency but on sovereign equality, not on aid or charity but on mutually beneficial investments,” he said.
Ruto said Africa has the potential to shape the global economy due to its young population, natural resources, expanding markets and energy potential.
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He called for greater investment in innovation, strategic partnerships and domestic financing mechanisms.
“Africa is not part of the global problem. Africa is, in fact, part of the solution to the global challenges that exist today."
The Kenyan president also criticised the international financial system, saying African countries continue to face high borrowing costs and unfair risk assessments that discourage investment.
He said African countries support the creation of an Africa Credit Rating Agency to provide fairer assessments of the continent’s economies.
“Its purpose is not to replace existing global institutions but to correct longstanding distortions in risk perception,” said Ruto.
He added that Africa must increasingly finance its own development rather than rely on institutions such as the World Bank and International Monetary Fund.
According to Ruto, African countries can tap into local savings and pension funds to finance development projects.
He cited Kenya’s National Infrastructure Fund and the affordable housing program as examples of locally financed initiatives.
He further urged African countries to move beyond exporting raw materials and instead invest in industrialization powered by clean energy and strategic partnerships.
On global governance, he criticised the continued exclusion of Africa from permanent representation at the United Nations Security Council. “Such inequality erodes legitimacy, undermines credibility and diminishes confidence in multilateral systems."
French President Emmanuel Macron said Africa and Europe share common challenges, including the need for peace and prosperity.
UN Secretary-General António Guterres said Africa was increasingly building institutions and partnerships that would strengthen its voice globally.
“Climate finance with justice is a must in today’s world,” said Guterres.