Former Ghanaian President Nana Addo Dankwa Akufo-Addo has called on African countries to allocate 30% of their sovereign reserves to African-owned financial institutions, in a bold proposal aimed at strengthening the continent’s economic independence and accelerating development.
Speaking on Friday, June 27, during a panel of former African Heads of State at the 2025 Afreximbank Annual Meetings in Nigeria, Akufo-Addo emphasized the need for African nations to prioritize investment in homegrown multilateral institutions such as the African Export-Import Bank (Afreximbank) and the African Development Bank (AfDB).
Reshaping Africa’s Financial Future
He argued that such a move would significantly boost the capacity of these institutions to finance vital infrastructure and development projects across the continent.
“The institutions we need to drive our development are not in our hands,” Akufo-Addo said. “If we don’t control our financial institutions, we cannot sustainably fund our development.”
This proposal aligns with earlier recommendations he made to the African Union (AU) during his tenure as President of Ghana and lead advocate for the African Continental Free Trade Area (AfCFTA), whose Secretariat is based in Accra.
A Call for Financial Sovereignty
Akufo-Addo criticised the prevailing practice of African countries depositing large portions of their reserves in foreign banks—often yielding negative returns—while struggling to fund development initiatives at home.
He urged African leaders to move beyond rhetoric and make actionable commitments to build financial sovereignty, highlighting Afreximbank’s recent role in supporting Ghana with $750 million in financing during a period of restricted access to global capital markets.
Time to Operationalise African Institutions
The former president also lamented the delayed implementation of long-envisioned continental institutions such as the African Central Bank, African Investment Bank, and African Monetary Fund—all seen as essential pillars for Africa’s economic independence.
“We have to put our mouth where our thoughts are,” he said. “Let’s make the decisions that will enable us to resolve our problems. We can’t do it just by talking.”
Akufo-Addo’s remarks underscore a growing call for Africa-led financial solutions, as the continent continues to grapple with external dependency and the need for sustainable, homegrown development financing.
