President John Dramani Mahama has urged African countries to repatriate part of their foreign reserves and invest in African financial institutions to accelerate infrastructure and economic development across the continent.
Addressing the Zambian Parliament today during his three-day visit, the president said most African foreign reserves are currently held in Western banks, where they often generate little or no interest.
Highlighting the untapped potential of Africa’s financial resources, Mr. Mahama urged governments to reconsider where their reserves are held.
“If 30 percent of all the foreign reserves of African countries were repatriated and invested in our own institutions, such as the African Development Bank, it would create an immense pool of wealth capable of driving rapid infrastructure and economic growth,” Mr. Mahama stated.
He emphasized the importance of African unity, saying no country can thrive in isolation.
He added that countries must build regional prosperity platforms, shared manufacturing zones, integrated energy grids, and digital infrastructure.
“We must build regional prosperity platforms, shared manufacturing zones, integrated energy grids, and digital infrastructure. We must negotiate with one voice on minerals, trade, and climate finance. We must be united in our strategy, just not as a slogan,” Mr. Mahama added.
