African Financial Institutions forge strategic alliance for financial self-reliance in Africa

Under the esteemed patronage of His Excellency Nana Addo Dankwa Akufo-Addo, the President of the Republic of Ghana and the Champion on the African Union Financial Institutions, Africa’s multilateral financial institutions have collaborated and launched the Alliance of African Multilateral Financial Institutions (AAMFI).

The auspicious inauguration, which took place on the sidelines of the 37^th Ordinary Session of the Assembly of Heads of State and Government of the African Union, marked a pivotal moment in Africa’s financial landscape.

The landmark gathering underscored a united commitment to foster collaboration, cooperation, and coordination among esteemed member-institutions to drive sustainable economic development and financial self-reliance across the continent.

Comprising multilateral financial institutions – established by treaty by African states – which are Africa-owned and Africa-controlled, AAMFI embodies Africa’s collective resolve to shape its financial future. The founding members, including Africa Finance Corporation (AFC), African Export-Import Bank (Afreximbank), Trade and Development Bank Group (TDB Group), African Reinsurance Corporation (Africa Re), African Trade and Investment Development Insurance (ATIDI), Shelter Afrique Development Bank (SHAFDB), and ZEP-RE (PTA Reinsurance Co.), have converged under the banner of AAMFI to synergise efforts in promoting sustainable economic growth and integration aligned with the Africa Union’s Agenda 2063 and the United Nations Sustainable Development Goals.

Under the mandate of AAMFI, the alliance members commit to collaborate to address Africa’s development finance needs, promote the interests of member-states, advocate for Africa on global finance issues, develop innovative finance tools and support sustainable finance strategies. AAMFI’s formation underscores Africa’s commitment to self-reliance and sustainable economic development, leveraging home-grown solutions and resources for the continent’s advancement.

The historic inauguration of the alliance witnessed a momentous occasion as all seven founding members signed a declarative statement announcing their commitment to the principles and objectives behind the establishment of the alliance.

In his address, His Excellency Nana Akufo-Addo highlighted the significance of the alliance in driving Africa’s economic transformation. He remarked: “The establishment of the Alliance of African Multilateral Financial Institutions signifies our collective commitment to surmount financial challenges and propel Africa toward sustainable development. Together, we will harness our strengths and resources to unlock the continent’s boundless potential”.

AAMFI’s mandate extends beyond conventional financial cooperation. It seeks to address the specific needs of African sovereigns and facilitate their access to essential financing mechanisms. It will also stand as a strong voice and advocate for African financial interests and concerns on the global stage. Leveraging the expertise and resources of its member-institutions, AAMFI is poised to catalyse growth across various sectors, including infrastructure, trade and investment.

Delivering the opening remarks on behalf of His Excellency Moussa Faki Mahamat, Chairperson of the African Union Commission, H.E. Dr. Monique Nsanzabaganwa, Deputy Chairperson (DCP) for the African Union Commission, commented: “As we find ourselves on the brink of a new era facing challenges and opportunities, it is imperative that we take bold and decisive actions to reshape the financial landscape in a manner that reflects the aspirations and interests of all nations, particularly those of the African continent. The establishment of AAMFI will be instrumental in supporting African Union member-states in addressing financing challenges and strengthening support for the continent’s transformation and integration”, she added.

On behalf of its members, Prof. Benedict O. Oramah, inaugural Chair of the Governing Council of the Alliance of African Multilateral Financial Institutions (AAMFI), commented:
“We would like to thank His Excellency, President Nana Addo Dankwa Akufo-Addo, for his unflinching support for African Multilateral Financial Institutions, reflected in today’s historic occasion.

“African countries have shown resolve to shape our collective financial destiny and AAMFI will stand as a staunch advocate for Africa’s interest in global finance fora, championing equitable treatment and fair representation for the continent.”
As Africa embarks on a journey toward prosperity, the Alliance of African Multilateral Financial Institutions stands as a beacon of hope and solidarity. Through collaborative efforts and unwavering commitment, the alliance  will work  to develop unique solutions and joint financing tools and instruments tailored to Africa’s unique developmental needs and pool resources for their effective deployment. In addition, AAMFI pledges to protect and promote the interests of member-states and shareholders, ensuring their voices are amplified on the global stage.

The inauguration and the declaration signing was attended and witnessed by several African Heads of State and Government, including H.E. William S. Ruto, President of the Republic of Kenya; H.E. Mohamed Al-Menfi, President of the Presidential Council of the State of Libya; H.E. Hakainde Hichilema, President of the Republic of Zambia; H.E. Ntsokoane Samuel Matekane, Prime Minister of the Kingdom of Lesotho; and H.E. Mr. Mbella Mbella Lejeune, Minister of Foreign Affairs, representing H.E. Paul Biya, President of the Republic of Cameroon.

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