President of Ghana, Nana Akufo-Addo said, African continent would be unable to achieve its growth objectives unless it had strong development financial institutions.
Akufo-Addo said this at the 30th Annual General Meeting(AGM) of the African Export-Import Bank (Afreximbank).
He stated that, Africa’s financial development institutions had remained highly undercapitalised, saying, those institutions needed to be properly capitalised and to have effective coordination with the African Union (AU) in order to be able to deliver effectively for the continent.
He noted that, a bank like the China Exim Bank had a capital of $54 billion while Afreximbank had only $6 billion, urging African countries and Africans to contribute to Afreximbank’s general capital initiative by subscribing to their allotted shares.
Akufo-Addo pointed out that, Afreximbank, for its catalytic role in Africa, should improve its rating with the credit rating agencies in order to enhance its operations and be able to work consistently for Africa and the African Diaspora.
Earlier, president and chairman of Afreximbank, Prof. Benedict Oramah said, the bank was delivering on the blueprint laid out by the pioneers of the OAU for Africa’s socio-economic transformation.