Former President Nana Addo Dankwa Akufo-Addo has called on African countries to commit at least 30% of their sovereign reserves to multilateral financial institutions within the continent.
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According to him, this bold move would significantly strengthen development banks like Afreximbank and the African Development Bank (AfDB), empowering them to address Africa’s growing economic and infrastructure needs.
Speaking on Friday, June 27, during a high-level panel of former African leaders at the 2025 Afreximbank Annual Meetings in Nigeria, Akufo-Addo reiterated a proposal he first presented during his tenure as President and AfCFTA lead advocate. He argued that rechanneling reserves locally could transform Africa’s financial ecosystem.
“Too many of our countries keep reserves in foreign banks at negative interest rates, yet struggle to finance development at home,” he noted. “The institutions we need to drive our development are not in our hands.”
He emphasized that true financial independence requires control over capital, urging governments to act decisively. “If we don’t control our financial institutions, we cannot sustainably fund our development,” Akufo-Addo said.
Calling for enhanced support for Afreximbank and AfDB, he challenged leaders to move beyond speeches and commit real resources to African-led initiatives. “We have to put our mouth where our thoughts are,” he stressed. “Let’s take the decisions that will allow us to solve our problems.”
Akufo-Addo also criticized delays in operationalizing the African Central Bank, African Investment Bank, and African Monetary Fund, institutions he views as vital for achieving financial autonomy and long-term development.
He cited Afreximbank’s recent US$750 million loan to Ghana during a financial crunch as evidence of the value of robust, Africa-owned institutions. That support, he said, came when Ghana had lost access to international capital markets.
