We don't want exploitative relationships in Africa - President Ruto

Speaking at the American Chamber of Commerce (AmCham) Business Summit in Nairobi, which is focused on strengthening Kenya-U.S. commercial ties, President Ruto said that Africa is no longer accepting being sidelined in business pacts while others benefit.

He maintained that all investment pacts should be anchored on mutual gain and improving asset utilisation to advance societies.

"We do not want relationships that extract from Africa or that are exploitative. We want a relationship built on the solid foundation of investment for mutual benefit," he said.

"We want a nexus between our assets, minerals, human capital, talent, and friends who come with investment, technology and skills."

The Summit is further aiming to attract investment and position Kenya as a gateway to the wider East African and African markets.

President Ruto reckoned that capital raised from investments made with African states should be pumped back into developing them and not solely benefitting other global sectors.

"We want to have a new kind of engagement, a relationship that is better than what we have had in the past and it must be built on sovereign equality," he said.

"We want to work with partners ready to work with us to mobilise domestic capital from our pensions, insurance companies, central banks and guarantee those funds and use them to develop our continent."

President Ruto was reiterating his sentiments from the Africa Forward Summit held in Nairobi in May, where he called for renewed relationships between Africa and its international partners, especially in economic growth and investments. 

The summit, co-hosted by President William Ruto and French President Emmanuel Macron, came at a time when many African economies are under pressure to create jobs for a rapidly growing young population while reducing dependence on commodity exports.

At the centre of the discussions will be how Africa can attract more investment into sectors such as manufacturing, energy, infrastructure, technology and logistics while ensuring more economic value remains within the continent. 

“The times before us demand stronger cooperation, renewed multilateralism, and partnerships grounded not in hierarchy, but in sovereign equality, mutual respect, and shared responsibility,” he said.

On his part, President Macron said the renewed partnership between Africa and France will be built on respect, courage, and shared ambitions.

He said the European agenda has every interest in seeing Africa attain economic sovereignty and autonomy.

“Your success is our success,” he said.

This also comes at a time when President Ruto has announced that the government will no longer export raw materials and all minerals shall be locally processed.

President Ruto lamented the lost capital and value incurred from exporting raw materials to other nations, saying that the option of processing all minerals — gold, limestone, iron ore, graphite, titanium, soda ash — will provide employment opportunities for many and increase capital value for the nation.