President William Ruto has said the African continent has a greater potential in being a source of all ingredients.
Speaking during the African Private Sector Dialogue Conference on Free Trade Area, the head of state said the ambition should be realised to cut down the cost of medicines and address our quality of healthcare.
"Africa should be a hub for manufacturing. For example, Active Pharmaceutical Ingredients (API), which are the main inputs for drugs and medicine, are plenty in our continent. Africa can be the source for all APIs," he said.
Ruto also noted that leaders should proactively seek a resolution to the disparities in currencies and the consequential impediments it poses to intra-African trade.
"Trade cannot take place without efficient and unified payment systems. Although there has been the introduction of several regional payment infrastructures in the continent, we lack a single system that seamlessly facilitates trade among our nations, eliminating the obstacles posed by varying currencies," he noted.
On matters of transport, Ruto said with 16 African landlocked countries, increased underdeveloped transport connectivity has hampered intra-Africa trade and driven up the cost of imports and exports with regard to other parts of the world.
"Lack of efficient transport networks increases the price of goods traded among African countries by 30% to 40%, rendering Africa effectively uncompetitive."
