Written By Lisa Murimi
President William Ruto has called on the Common Market for Eastern and Southern Africa (COMESA) member states to ratify the Pan-African Payments and Settlement System (PAPSS) to streamline trade and reduce transaction costs.
Speaking at the 23rd COMESA Summit in Bujumbura, Burundi, Ruto emphasized that adopting PAPSS could save Africa over $5 billion annually in currency exchange and payment costs.
“Instead of traders chasing currency exchanges, they can be comfortably chasing trade initiatives,” Ruto stated, advocating for simplified trade within Africa.
Ruto praised the start of the Tripartite Free Trade Area (TFTA), lauding Madagascar as the latest member to join, and urged COMESA states to support reforms within the African Union (AU).
He endorsed Raila Odinga as Kenya’s candidate for AU Commission Chair, describing him as the “best man for the job.”
Highlighting climate-resilient agriculture, mining, and tourism as COMESA’s growth sectors, Ruto urged collaboration on sustainable practices.
He also underscored Kenya’s commitment to climate-smart agriculture and plans for eco-tourism and agro-processing.
Burundi’s President Evariste Ndayishimiye, the new COMESA chairman, echoed Ruto’s call for integration, stressing that regional unity is essential for empowering citizens and addressing security issues in the DRC, Sudan, and Somalia.
