Ruto: Africa has enough capital, restrictive rules blocking investment

President William Ruto with the President and CEO of Dangote Industries, Alhaji Aliko Dangote poses for a photo after talks on the financing and final preparations for the East Africa refinery project in Lamu, on the sidelines of the United Nations General Assembly in New York, USA / PCS

President William Ruto has said Africa’s challenge is not a shortage of capital but restrictive rules that prevent available funds from being invested in productive projects across the continent.

Ruto said Africa has more than $2 trillion in domestic non-bank capital pools, including over $1 trillion held in pension and insurance assets.

Speaking at the Africa We Build High-Level Roundtable on the sidelines of the 81st United Nations General Assembly in New York, Ruto said the continent must reform its financial and regulatory systems to unlock the capital.