Investment

Ruto Leads African Economic Bigwigs In Kisumu To Discuss Continental Growth

BY Soko Directory Team · November 28, 2024 12:11 pm

Over 250 Sub-Sovereign government leaders from across Africa are today meeting in Kisumu, Kenya, for the the fourth edition of the African Sub-Sovereign Governments Network (AfSNET) Conference. Taking place between the 25^th and 27^th of November, the event provides a platform for Sub-Sovereign leaders and businesses to discuss how their local governments can attract investments in the region in order foster and accelerate inclusive growth and development.

Organised by African Export-Import Bank (Afreximbank), in collaboration with the County Government of Kisumu and the United Cities and Local Governments of Africa (UCLG Africa), the conference’s overarching theme is ‘Leveraging the AfCFTA for Sustainable Trade and Investment: A Development Pathway for African Sub-Sovereigns’. The event’s main objectives include strengthening the role of Africa’s Sub-Sovereign governments in driving intra-African trade and investment, and the successful implementation of the African Continental Free Trade Area (AfCFTA).

Africa’s Sub-Sovereign governments, comprising states, counties, provinces, municipalities and regional authorities, play a critical role in economic development of African countries. According to the African Union, Africa’s economic outlook is projected at 3.7% GDP growth in 2024, slightly higher than the global average of 3.2%. This growth elevates the integral role of Sub Sovereign governments for African economies and its people.

Understanding this, Afreximbank has committed USD $2 billion for these critical actors, to support these governments and businesses in African countries.

While delivering his keynote address at the AfSNET conference in Kisumu, Kenya, H. E. Dr. William Ruto, President of the Republic of Kenya acknowledged the Bank’s support for African governments including Kenya:

“I want to thank Professor Benedict Oramah for making time to join us for this conference. Your presence here is yet another example of the unique approaches that the Bank, under your leadership, employs in order to deepen its footprint by engaging with shareholders throughout the continent, including sub-national entities like Africities, and devolved governments like Kisumu. Afreximbank has consistently demonstrated innovative approaches in advancing credit to African governments and the public sector while facilitating deeper collaboration among sub-Saharan nations and Kenya is an example. This spirit of innovation aligns seamlessly with the aspirations of the African Continental Free Trade Area, creating a dynamic network of ambitious, future ready institutions and governments. Such collaborations will drive transformative engagements at the grassroots level, enabling Africa to achieve an unparalleled position in the global value chains and make substantial contributions to their bottom-up transformation.”

Speaking on the importance of the conference, President Ruto noted: “By promoting peer to peer learning, this forum strengthens cooperation among Sub-Sovereign governments. And devolution, a tremendous innovation established under Kenya’s 2010 constitution, has evolved into an exemplary success story that Kenyans are very proud of, as it has brought services closer to the people, empowered grassroot participation in government, safeguarded minority rights and enhanced equity in resource mobilization and allocation.”

Professor Benedict Oramah, President and Chairman of the Board of Directors of Afreximbank, commented:

“The African Sub-Sovereign Governments Network (AfSNET) initiative thrives due to the concerted efforts and unwavering commitment of partners who recognise the tremendous potential of sub-sovereign governments as the engines for broad-based economic development that extends to the grassroots of our societies. At Afreximbank, we strongly believe that for developmental initiatives to succeed in our economies, they must, of necessity, be decentralized; development needs must originate and flow from the periphery towards the centre. In alignment with the African Continental Free Trade Agreement (AfCFTA), we are passionately implementing the AfSNET initiative to promote intra-regional trade and investment. We collectively recognize that cities, states, and provinces within a nation exhibit remarkable diversity—differing in population sizes, resource endowments, skill sets, and sectoral specializations.”

Professor Oramah continued that this conference is a key prelude to the upcoming Intra Africa Trade Fair (IATF2025) scheduled to take place from 4 to 10 September 2025 in Algiers, Algeria, and delegates are welcomed to contribute to the discourse that can be elevated at the IATF2025.

AfSNET was established by Afreximbank as a platform for promoting intra-African trade and investment, educational and cultural exchanges and the fostering of effective engagement among sub-sovereigns in Africa’s development and prosperity in the context of the AfCFTA.

About Soko Directory Team

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