Ruto Urges African Banks to Finance Local Pharmaceutical Industry
The President noted that if Africa manufactured half of the health products it currently imports, it could save between $30 billion and $50 billion annually - Kenya breaking news | Kenya news today | Capitalfm.co.ke..
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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.
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President Ruto Pushes for African Economic Self-Reliance and Appoints New Agency Heads - February 2026
President William Ruto urged African banks to finance the local pharmaceutical industry to enhance Africa's health security and independence from imported commodities. He also pushed for 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. President Ruto emphasized the need for disciplined execution and sustained political leadership to drive intra-African trade. In a separate action, the President announced a new round of appointments and reappointments to various Kenyan state agencies. These leadership changes, detailed in the Kenya Gazette notice dated February 13, 2026, aim to reinforce leadership in key regulatory bodies.
