Ghana’s President Spearheads Efforts to Strengthen African Financial Institute
During the 30th Annual General Meeting (AGM) of the African Export-Import Bank (Afreximbank), President Nana Akufo-Addo of Ghana emphasized the importance of strong development financial institutions for Africa’s growth. Akufo-Addo expressed concern over the undercapitalization of Africa’s financial development institutions, urging proper capitalization and effective coordination with the African Union (AU).
to ensure their effectiveness. Comparing the capital of China Exim Bank ($54 billion) to Afreximbank ($6 billion), he called on African countries and individuals to contribute to Afreximbank’s general capital initiative. Akufo-Addo also stressed the need for Afreximbank to improve its credit rating to enhance its operations. The President of Afreximbank, Prof. Benedict Oramah, highlighted the bank’s efforts to fulfill the goals set by the pioneers of the OAU (Organization of African Unity), such as establishing a free trade area and a Pan-African Payments and Clearing Union. Oramah also mentioned the Pan-African Payment and Settlement System (PAPSS), which will save $5 billion in intra-African transfer charges and facilitate payments for intra-African trade. Additionally, he discussed the importance of the African Continental Free Trade Agreement (AFCFTA) and announced Afreximbank’s plan to disburse $40 billion in trade finance over the next five years, aiming to address the considerable intra-African trade finance gap.