The African continent would be unable to achieve its growth objectives unless it had strong development financial institutions, President Nana Addo Dankwa Akufo-Addo of Ghana said today in Accra as he performed the formal opening of the 30th Annual General Meetings of the African Export-Import Bank (Afreximbank).
The Afreximbank Annual Meetings (AAM2023) 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 those 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.