President of Ghana, H.E Nana Addo Dankwa Akufo-Addo wants African countries to stop their reliance on foreign capital.
Speaking at the 30th Afreximbank Annual Meeting that started on Sunday, June 18 in Accra, the President said relying on foreign capital is not only risky but costly.
He proposes that African countries build strong financial institutions to inspire development.
“The reality is that unless we have strong financial institutions we are not going to develop. As we have learned over the past decades, relying on foreign capital is both risky and costly,” President Nana Addo Dankwa Akufo-Addo said.
The Ghana President continued, “It has resulted in huge financial leakages through the high cost of defaulting in borrowing and interest rate payments and undermines the growth of our financial institutions, domestic resource mobilization, and private sector development through the cost of funds.”
President Akufo-Addo believes that it is crucial financial institutions on the continent are strengthened over time to enhance continuous development and relevance.
He also recommends that there must be capital and effective coordination with the African Union to strengthen the developmental impact of the financial wherewithal of development financial institutions.
The 30th Afreximbank Annual Meeting is being held in Accra on the theme; “Delivering The Vision, Building Prosperity For Africans.”
The meeting which is being attended by many leaders is expected to end on June 21.