Ghana urges reforms of African financial institutions

President Nana Addo Dankwa Akufo-Addo of Ghana, has called for collaborative action to strengthen the African and global financial system.

The Ghanaian leader said this while speaking at the Presidential Dialogue on African Financial Institutions in Addis Ababa, Ethiopia.

The dialogue highlighted the importance of aligning the global financial architecture with African development priorities to address shared challenges effectively.

President Akufo-Addo, who is the and AU Champion on African Union Financial Institutions, stressed the necessity of developing a robust global financial framework that prioritizes African development needs.

He underscored the significance of restructuring debt financing to ensure sustainable growth outcomes, emphasizing the importance of channeling debt towards projects with high productivity potential.

Akufo-Addo further drew the urgent attention to the issue of illicit financial flows from Africa, with calls for prioritizing measures to curb these detrimental practices within the reformed financial architecture.

The dialogue underscored the imperative for collective efforts in reshaping the global financial landscape to support African development goals and foster economic growth across the continent.

“We must work together to develop a robust global financial architecture that places African development priorities at the center of common efforts to deal with common burden. In a reformed financial architecture, strengthening the link between debt financing and growth returns is crucial for debt sustainability.

“There is urgent need to use debt to finance the most productive projects that generate sufficient growth to pay for the debt in future. Reform of the global financial architecture should also prioritize stemming illicit financial flows from Africa,” he said.