Thomas Ampem calls for stronger African-owned financial institutions

Ghana has urged African countries to accelerate economic integration by supporting African-owned businesses and financial institutions capable of driving trade and investment across the continent.

Delivering President John Dramani Mahama’s address at the opening of First Atlantic Bank Liberia, Deputy Finance Minister Thomas Nyarko Ampem said Africa’s next phase of integration would be driven not by politics, but by investment, trade and strong regional institutions.

“The generation of Kwame Nkrumah and William Tubman dismantled political barriers. Our generation must remove economic barriers,” he said.

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Ampem argued that finance is the infrastructure that makes regional integration possible, explaining that while roads move people, ports move goods and digital networks move information, banks move opportunity.

He said businesses operating across West Africa should be able to access banking services seamlessly, regardless of national borders.

“A Liberian entrepreneur arriving in Accra, or a Ghanaian businessperson landing in Monrovia, should be able to walk into a First Atlantic Bank branch with the same confidence they would at home,” he said.

The Deputy Minister noted that despite ECOWAS having a population of more than 400 million people, only about 12% of trade takes place within the region.

He described this as Africa’s greatest untapped economic opportunity.

Ampem also highlighted the enormous potential of the African Continental Free Trade Area (AfCFTA), which links 54 countries, 1.4 billion people and a combined economy valued at more than US$3.4 trillion.

He cited World Bank estimates suggesting that the full implementation of AfCFTA could increase intra-African exports by about 81% by 2035 through lower trade barriers, improved trade facilitation and stronger regional value chains.

He said financial institutions such as First Atlantic Bank would play a crucial role in helping businesses seize those opportunities by providing financing, facilitating payments and supporting cross-border investment.