Ghana’s Finance Minister and Chair of the African Export-Import Bank’s (Afreximbank) Annual General Meeting (AGM) of shareholders, has urged African leaders to implement strategic policies and targeted investments to accelerate the continent’s economic integration and transformation.
“With the right policies and investment, we can achieve unprecedented economic integration and prosperity,” Dr. Ato Forson said in a speech read by
Thomas Nyarko Ampem, Deputy Minister of Finance.
It was at the opening of the Afreximbank annual meetings, held in Abuja, Nigeria, from 25 to 28 June, on the theme: “Building the Future on Decades of Resilience.”?
Dr. Ato Forson noted that Africa has for decades, weathered the storms of economic shocks, health crisis, climate disruptions, political uncertainties and global market shifts, and it was important to follow its own compass of development.
“Africa must continue to chart its own course, one rooted in self-belief, integration of our isolation, production over dependence and collaboration over fragmentation,” he told shareholders at the meeting.
That required being candid about the challenges of climate change, geopolitical tension, youth unemployment and infrastructural development and taking urgent and concerted actions, Dr. Ato Forson noted.
He stated that the continent had time and again its resilience and resourcefulness, adapting, innovating and finding strength in unity, “deeply rooted in the spirit of our people, is the foundation on which we must now build the future.”
He underscored the guarantee provided by the implementation of the African Continental Free Trade Area (AfCFTA) of bringing together 1.4 billion people under a single economic framework by eliminating tariffs, quotas, and other trade barriers.
“We envision an Africa that is economically integrated, industrially robust, digitally connected and climate resilient, but this vision will not come to light by chance. It requires design, strong partnerships, and bold leadership,” Dr. Ato Forson emphasised.
He stated that since its founding in 1993, the Afreximbank had stood beside African nations, as a financier and “a true development partner, helping to reimagine what is possible in African trade and transformation.”
The Chair of the AGM lauded the bank’s efforts in enhancing intra-African trade, supporting Small and Medium-sized Enterprises (SMEs) and fostering industrialisation, noting that the bank’s endeavours had yielded tangible benefits for economies.
“Initiatives like the Pan African Payment and Settlement System (PAPSS) are fast dismantling barriers to cross-border trade, while strategic partnerships are ensuring that African businesses remain competitive on the global stage,” he said.
Dr. Ato Forson said: “Afreximbank provides African solutions to African leads, tailored, timely and transformational,” and called on all stakeholders of the bank, captains of industry and governments to increase collaborations towards Africa’s prosperity.
In an interview with the Ghana News Agency, Dr. George Elombi, the incoming President of the Afreximbank, said the next chapter of the bank would boost value addition on the continent in realising the objectives of the AfCFTA.
“This processing-focused approach aims to create more jobs, build confidence, enhance skills, increase the tax base, and reduce importing unemployment into our continent,” Dr. Elombi said.
The 32nd annual meetings of the Afreximbank was attended by over 6,000 delegates from more than 80 countries, including African and Caribbean Heads of State, senior policymakers, global business leaders, and trade experts.
It focused discussions on trade financing, economic growth, and investment opportunities across Africa, implementation of AfCFTA, enhancing cross-border payment systems and strengthening Africa-Caribbean economic ties.
Source: GNA
The post Dr. Forson urges for right policies, investment for Africa’s integration appeared first on Ghana Business News.
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