President William Ruto has urged African banks to finance the local pharmaceutical industry to bolster Africa’s health security and independence. He emphasized that Africa can no longer depend on imported health commodities, which lead to high costs and supply chain disruptions.

• If Africa manufactured half of its imported health products, it could save between $30 billion and $50 billion annually.
• The President called on continental financial institutions, including the African Development Bank and Afreximbank, to convert commitments into practical projects.
• President Ruto, as the African Union Champion for Local Manufacturing, proposed an extraordinary summit later this year to work towards producing at least 60 percent of Africa's health products locally by 2040.

President William Ruto has urged a shift from negotiating to fully implementing the African Continental Free Trade Area (AfCFTA) to unlock its potential for Africa's 1.4 billion people. He emphasized the need for disciplined execution and sustained political leadership to drive economic transformation and intra-African trade.

• The AfCFTA projects an increase of intra-African trade by up to $3 trillion and a rise in Africa's cumulative GDP by about $1.4 trillion between 2021 and 2045.
• President Ruto chaired the Inaugural Committee Meeting of Heads of State and Government on the Implementation of the African Continental Free Trade Area in Addis Ababa, Ethiopia, with Secretaries General of the AfCFTA Secretariat Wamkele Mene in attendance.
• The committee will focus on fostering partnership with the private sector, including micro, small and medium enterprises (MSMEs), to drive production, trade, and job creation.