President Akufo-Addo is championing the establishment and operationalization of three key African Union financial institutions.
These institutions, namely the Africa Monetary Fund, the Africa Central Bank, and the African Development Bank, are poised to diminish the continent’s dependency on external financial entities and foster a stronger African economy.
During an AU meeting, President Akufo-Addo emphasized the pivotal role these institutions will play in supporting crucial infrastructure and development projects across Africa. The integration of financial systems is envisioned to enhance the continent’s economic resilience and elevate the standard of living for its people by expanding access to essential services and opportunities.
The President articulated that this initiative represents a bold and forward-thinking stride towards a unified, prosperous, and self-reliant Africa. He stressed the importance of enacting an appropriate legal framework and securing financial resources to facilitate the establishment and functionality of these institutions.
Furthermore, President Akufo-Addo advocated for African States to pool their resources and allocate 30% of their reserves to African financial institutions instead of stashing them abroad. He also proposed implementing measures to combat illicit financial outflows from Africa, including imposing a 10% tax on multinational corporations operating in the region to ensure their contributions to local development needs.
President Akufo-Addo’s vision underscores the necessity for collective action and strategic financial planning to unleash the true potential of the African continent.
