President Nana Addo Dankwa Akufo-Addo has called for the unification of Africa’s financial institutions to accelerate development across the continent. Speaking at the African Union (AU) meeting in Accra, he said that combining these institutions would enhance their effectiveness and ensure better utilization of resources.
The AU meeting, which focused on aligning policies to promote economic integration and trade, brought together African Heads of State, regional leaders, and other stakeholders. President Akufo-Addo stated that the current fragmented financial system leads to inefficiencies and urged for consolidation to improve resource mobilization and utilization. This, he noted, would significantly benefit critical sectors such as education, infrastructure, healthcare, and technology.
He underscored the importance of establishing the African Central Bank, African Investment Bank, and African Monetary Fund to achieve financial stability and integration, which are essential for the AU’s long-term development goals.
President Akufo-Addo called for political commitment, as well as the necessary legal and financial support, to establish and operate these institutions. He stated that this step would contribute to creating a stronger, more self-reliant Africa.
In addition to economic integration, the meeting also addressed security issues in Sudan, terrorism, and conflicts in the Horn of Africa and the Democratic Republic of Congo, making recommendations for the 2025 AU summit.
