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 reserves. Akufo-Addo criticized this practice and said Africa needs to control its financial future. He argued that institutions driving development should be managed from within the continent. African leaders must move beyond discussions and make concrete decisions about their financial systems.
The former president expressed frustration about delays in creating key African institutions. Plans for an African Central Bank, Investment Bank and Monetary Fund have stalled for decades. He pointed to Ghana as an example when Afreximbank provided 750 million dollars during a financial crisis. This support came when Ghana could not access international capital markets. Akufo-Addo called for African leaders to invest seriously in continental financial institutions to build a self-sufficient economy.
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 reserves. Akufo-Addo criticized this practice and said Africa needs to control its financial future. He argued that institutions driving development should be managed from within the continent. African leaders must move beyond discussions and make concrete decisions about their financial systems.
The former president expressed frustration about delays in creating key African institutions. Plans for an African Central Bank, Investment Bank and Monetary Fund have stalled for decades. He pointed to Ghana as an example when Afreximbank provided 750 million dollars during a financial crisis. This support came when Ghana could not access international capital markets. Akufo-Addo called for African leaders to invest seriously in continental financial institutions to build a self-sufficient economy.
