The First Deputy Governor of the Bank of Ghana, Dr Zakari Mumuni, has called on African leaders to make investment opportunities more attractive to investors by developing projects that are commercially viable.
Speaking at the High-Level West Africa–Asia Capital Dialogue in Bangkok, Thailand, Dr Mumuni said African countries must take responsibility for preparing investment opportunities, while their international partners should assess them fairly and work with local stakeholders to develop solutions that can succeed commercially.
“Our responsibility in Africa is to make opportunities more investable. Our partners’ responsibility is to assess those opportunities objectively and work with us to develop commercially viable solutions,” he said.
He noted that although economic stability was important for attracting investment, it was only the starting point. Investors also consider the reliability of regulations, the enforcement of contracts, access to infrastructure and the risks associated with financing projects and exchanging currencies.
Dr Mumuni identified agro-processing, manufacturing, energy, transport and logistics, digital services and financial technology as sectors with investment potential in the region.
He said turning that potential into actual investment would require better-prepared projects, sound feasibility studies and clear agreements on how risks would be shared between investors and their partners. also called for closer cooperation among governments, development finance institutions, export credit agencies and private investors to reduce investment risks and help move projects from planning to implementation.
Dr Mumuni said the African Continental Free Trade Area (AfCFTA) offered businesses access to a wider market, but countries would need to improve trade facilitation, transport links, payment systems and dispute resolution to make cross-border investment easier.
He added that central banks could support these efforts by maintaining monetary and financial stability, strengthening payment systems and improving transparency in foreign exchange markets. However, the commercial success of individual projects would ultimately depend on their viability.
The dialogue, convened by the ECOWAS Bank for Investment and Development, focused on ways to strengthen investment ties between West Africa and Asia.
