Former Ghanaian President Nana Addo Dankwa Akufo-Addo urged African countries to place more money into banks they control. He spoke at banking meetings in Abuja, Nigeria about building financial independence across the continent. African leaders should commit 30 percent of their government savings to institutions like Afreximbank and the African Development Bank. This move would help nations fund development projects without relying on outside money. He believes African-controlled banks can better support infrastructure, trade and industrial growth.
Many African countries keep large amounts of money in foreign banks that pay little interest. These nations struggle to finance important domestic projects despite having significant...