APA – Accra (Ghana)
President Nana Addo Dankwa Akufo-Addo has called for more investments in Afrieximbank for the growth of Africa.
Addressing the 30th Afreximbank annual meeting in Accra, Ghana on Monday, President Akufo-Addo said that there was need to raise the capital base of Afreximbank in order to guarantee sustainable growth of the continent.
He urged the African Union Commission to expedite action in making Afrieximbank a special financial institution so that it could champion Africa’s growth at all levels.
The Ghanaian President also stressed the need to build a resilient African economy beyond aids.
Earlier, the Governor of the Bank of Ghana, Dr Ernest Addison, said that Afreximbank was planning to double its support for Intra-Africa trade and investment to $40 billion by 2026.
Speaking at the 30th Afreximbank Annual Meeting in Accra on Sunday in Accra, Dr. Addison said: “Prior to the implementation of the African Continental Free Trade Area Initiative (AfCFTA) $20 billion in support of intra-African trade and investments.”
Dr Addison said since its establishment 30 years ago, Afreximbank had transitioned into a supranational financial institution championing African trade and driving growth across multiple sectors.
“Evidence of the bank’s interventions are numerous and includes infrastructural investments to support Intra-African trade, investments in agriculture and industry, trade facilitation, and trade guarantee advisory services,” the report by The Ghanaian Times on Monday quoted Dr Addison as saying.
He said Afreximbank intervened strongly during the COVID-19 pandemic and disbursed over $8 billion to central banks and commercial banks to avert looming trade debt payment defaults.
Part of this funding, he said, went into the procurement of test kits, PPEs, and other COVID-19 containment materials in Member States.
Dr Addison said the bank also disbursed over $5 billion to member states and businesses towards the procurement of food, fertiliser, and grains as the Russian-Ukraine crisis unfolded.
“Working with UNECA, the AU, and the AfCFTA Secretariat, Afreximbank created a pooled procurement platform termed the Africa Trade Exchange (ATEX) to help African countries procure grains, edible oils, and fertilisers at reduced costs,” he said.
Dr Addison said Afrexibank was also financing African-owned financial institutions to acquire foreign banks operating in Member States with a view to building an inter-connected African financial system to help promote Intra-African trade.
GIK/APA
Ghana’s President calls for more investments in Afrieximbank for growth of Africa
