Ghana to Repatriate 30% of Overseas Assets -Akufo -Addo Proposes

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By: Ruth Tang

Ghana’s President, His Excellency Nana Akufo-Addo, took a bold stance during the recent African Union summit in Addis Ababa, Ethiopia, advocating for a significant shift in how African nations manage their financial reserves.

He put forward that Ghana retrieves a minimum of 30 percent of its public funds and assets currently held in foreign banks, asserting that such a move would greatly enhance development financing across the continent.

Speaking at the Presidential Dialogue on African Union Financial Institutions, Akufo-Addo urged fellow African leaders to join him in redirecting a portion of their reserves from foreign banks into African multilateral institutions like the African Development Bank (ADB) and Afreximbank. He emphasized the critical importance of this step, particularly in light of the challenges posed by accessing development finance amidst the ongoing COVID-19 pandemic.

“We should decide that a minimum of 30% of the reserves of each one of us (African States) Sovereign reserves should be invested in the African multilateral institutions.
“I speak about the ADB, I speak of Afreximbank (African Export-Import Bank) which will strengthen their balance sheets and strengthen their capacity also to facilitate more and more resources for our development,” he said.

Acknowledging the radical nature of his proposal, President Akufo-Addo underscored its alignment with the establishment of an African Investment Bank. Notably, during the 37th Ordinary Session of the African Union, Libya was chosen as the host country for this pivotal institution, signalling a collective commitment to strengthening Africa’s financial landscape.

Akufo-Addo’s call for African nations to repatriate a portion of their reserves reflects a broader push for greater economic self-reliance and resilience across the continent. With Africa poised to chart its path towards sustainable development, this proposal marks a significant step towards harnessing the continent’s financial resources for the benefit of its people.

Source: myjoyonline