The African continent would be unable to achieve its growth objectives unless it had strong development financial institutions, President Nana Addo Akufo-Addo of Ghana said Monday in Accra as he formally opened the 30th Annual Meetings of the African Export-Import Bank (Afreximbank).
The Afreximbank30th annual meetings is also being held to celebrate the 30th anniversary of the establishment of the Bank, which was founded in 1993.
President Akufo-Addo told participants that Africa’s financial development institutions had remained highly undercapitalised, saying these institutions needed to be properly capitalised and to have effective coordination with the African Union (AU) in order to be able to deliver effectively for the continent.
Noting that a bank like the China Exim Bank had a capital of $54 billion while Afreximbank had only $6 billion, he urged African countries and Africans to contribute to Afreximbank’s general capital initiative by subscribing to their allotted shares.
President Akufo-Addo commended Afreximbank for its catalytic role in Africa and urged it to strive to further improve its rating with the credit rating agencies in order to enhance its operations and be able to work consistently for Africa and the African Diaspora.
He pledged to work for Afreximbank to be made a specialized agency of the AU in recognition of its role and contributions to the continent and described AAM2023 as a truly intercontinental event with the participation of several Caribbean countries that had become full members of the Bank following the signing of partnerships agreements with the institution.
The President further welcomed the Bank’s support for Ghana, noting that its first transaction was with the Ghana Cocoa Board and that, beyond that, Afreximbank had provided timely support to Ghana through its Counter-Cyclical Liquidity Facility (COTRAFL) which it had put together at a time when global financial institutions were exiting Africa.
“When dealing with powerful global financial institutions, it is important to have your own powerful financial institutions,” said the President.