Mahama pushes for Africa-driven financial systems

Ghana President John Mahama has called on the global financial system to treat Africa fairly, warning that the continent cannot close its vast financing gaps through charity but only through access to capital at the right price, reports My Joy Online. Speaking at the opening of the 8th Africa-Singapore Business Forum in Singapore, he said Africa needed justice, not benevolence, in the way international finance was structured. ‘As the African Union Champion on Financial Institutions, I must be candid: the current global financial architecture remains inequitable for low – and middle-income countries,’ he declared. Mahama insisted that the solution lies in building strong financial institutions for the continent. ‘We are taking steps to build an African financial system that works for Africa, accelerate the African Monetary Institute as a precursor to the African Central Bank, and link 10 major stock exchanges through the African Exchanges Linkage Project to enhance liquidity. We are also scaling the Pan-African Payment and Settlement System to enable businesses to settle cross-border trade in local currencies.’ He noted that while the opportunity in Africa is clear, it must be supported by the right kind of financing. ‘Africa holds vast renewable energy potential and is already a global leader in mobile money and fintech adoption. This is a market ready for scaled solutions. Yet this opportunity must be matched with capital at the right price and with the right instruments.’ Mahama said in a world of tightened financial conditions, fragile supply chains and rising protectionism, ‘South–South collaboration is not optional; it is essential’.

Full My Joy Online report