Ghana has expressed support for a proposed partnership between the African Union Commission and the Alliance of African Multilateral Financial Institutions aimed at mobilising an additional US$200 billion in financing, investment, insurance and risk mitigation support across the continent over the next decade.
The initiative is intended to increase the continent’s capacity to finance its development using its own resources.
Speaking at the 27th Extraordinary Session of the Executive Council on Financing the African Union in Accra, Foreign Affairs Minister Samuel Okudzeto Ablakwa said Ghana welcomed the partnership as an important step towards strengthening Africa’s financial independence.
“Ghana therefore welcomes the proposed partnership between the African Union Commission and the Alliance of African Multilateral Financial Institutions, founded on the straightforward yet compelling principle of financing Africa through African resources. This is not an act of charity; it is an investment in ourselves,” he said.
Under the proposed partnership, African multilateral financial institutions are expected to double their capital and financing capacity within three to five years, while mobilising an additional $200 billion over the next decade.
“We support its flagship objectives: doubling the capital and financing capacity of our institutions within three to five years; mobilising an additional $200 billion in financing, investment, insurance, guarantees, and risk mitigation over the next decade; and achieving continent-wide participation by 2030,” he said.
Mr Ablakwa said Ghana supported efforts to accelerate the Pan-African Payment and Settlement System (PAPSS), deepen African capital markets and establish an African Financial Architecture Scorecard to measure progress.
He, however, cautioned that the proposed partnership should complement rather than replace financial contributions by individual African countries.
“It is important to emphasize that this partnership must complement, rather than replace, Member State contributions. Africa Financing Africa should not be viewed as a rationale for Member States to reduce their efforts; rather, it is a call for all of us to do more, more effectively, and collectively,” he said.
He said the partnership should strengthen the continent’s existing financial institutions and create additional capacity to support investment and development across Africa.