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Ofori-Atta charges AfDB to take charge of African economies

Ken Ofori Atta Finance12131343567ui Finance Minister, Ken Ofori-Atta

Tue, 24 May 2022 Source: www.ghanaweb.com

Finance Minister, Ken Ofori-Atta, wants the African Development Bank to take charge of operations on the African continent.

He charged the largest financial institution on the African continent to change the narrative where other financial institutions have taken center stage in Africa.

This he believes will allow them to take control of financing on the continent.

He gave the charge when he opened the ongoing 2022 Annual Meetings of the AfDB in Accra.

“We must remedy a situation where any financial institution, including the Bretton Woods, has a deeper foothold on our continent than our own African Development Bank”.

“Given the current local and global dynamics, it has become imperative that we vigorously mobilize resources through innovative means, including from the digital space. We must simply ‘uncover’ this potential to recover and build forward better”, the Finance Minister pointed out.

Additionally, he said, “this bank must be unshackled to provide competitive financing for its members. We must lend support to the proposed reforms in respect of the regulations around ADF Funds to enable the bank to leverage these funds to raise more funds and on-lend at lower coupon rates."

The 57th Annual Meeting of the Bank Group is seeking to have a critical at the resilience of the African economies and the growth of its people post COVID-19.

Source: www.ghanaweb.com