“If we don’t control our financial institutions, we can’t sustainably fund our development” – Akufo-Addo urges African countries
Former President Nana Addo Dankwa Akufo-Addo has reiterated demands for African countries to dedicate a sizeable portion of their sovereign reserves to domestic institutions in order to make decisive moves toward financial independence.
The former Ghanaian leader made the case that financial sovereignty is essential to releasing Africa’s potential for long-term development during his speech at the 2025 Afreximbank Annual Meetings in Abuja, Nigeria.
“If we don’t control our financial institutions, we can’t sustainably fund our development,” he stated
during a panel discussion featuring former African Heads of State.
Akufo-Addo urged African states to give continental financial institutions like the African Development Bank (AfDB) and the African Export-Import Bank (Afreximbank) at least 30% of their sovereign reserves.
He said that doing so would enable the institutions to promote revolutionary growth, lessen reliance on outside funding, and assist important industries like trade, infrastructure, and industrialization.
He criticized the existing situation in which African countries struggle to fund important domestic projects while holding huge reserves in international institutions, which sometimes yield little to no profits.
“We have to put our mouth where our thoughts are. Let’s make the decisions that will enable us to
resolve our problems. We can’t do it just by talking,” he emphasised.
