President Nana Addo Dankwa Akufo-Addo has emphasized the importance of consolidating Africa’s fragmented financial institutions to accelerate the continent’s development efforts.
Addressing the Sixth Mid-Year Coordination Meeting of the African Union (AU) in Accra on Sunday, he highlighted the need for a cohesive financial framework to ensure resources are efficiently allocated.
The meeting, which aims to harmonize the AU’s policies with those of the Regional Economic Communities (RECs) and the Regional Mechanisms (RMs), brings together African Heads of State and Government, regional economic community leaders, AU Commission members, and other continental stakeholders.
President Akufo-Addo stressed that a unified financial system would enable increased investments in education, infrastructure, healthcare, and technology, driving sustainable development across Africa.
He called for technical and strategic recommendations from AU institutions to achieve this consolidation.
“By consolidating our development funding instrument, we can create a more cohesive and effective financial framework that ensures resources are allocated where they are most needed,” he said.
According to him, this consolidation will improve the capacity of Africa to mobilize domestic and external resources efficiently.
Additionally, he said the Africa Central Bank will harmonize monetary policies and ensure currency stability across the continent, mitigating the risk associated with exchange rate volatility and creating a predictable economic environment that fosters investors’ confidence and facilitates intra-African trade.
President Akufo-Addo called on his counterparts and the African Union Commission to show political commitment to integrating the continent’s financial systems, ensuring the necessary legal frameworks and financial resources are in place.
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Source: Anthony Sasu Ayisadu/ATLFMNEWS
