The Call for Bold Action: Reshaping Africa’s Economic Trajectory
Dr. Cassiel Ato Forson, Ghana’s Finance Minister, delivered a powerful message at the 32nd Annual General Meetings (AGM) of the African Export-Import Bank (Afreximbank) in Abuja, Nigeria. His address, read by Deputy Finance Minister Thomas Nyarko Ampem, resonated with the overarching theme of the summit, "Building the Future on Decades of Resilience." Dr. Forson’s words were a clarion call for African leaders to embrace bold policy reforms and strategic investments to accelerate the continent’s economic transformation. He acknowledged Africa’s historical resilience in the face of numerous challenges, including economic shocks, global market disruptions, health crises, and climate-related disasters, but stressed the need to move beyond reactive strategies and forge a proactive, self-determined path towards sustainable growth. He urged a paradigm shift, advocating for self-belief, integration over isolation, a focus on production over dependence, and collaboration over fragmentation.
Addressing Africa’s Pressing Challenges: A Unified Approach
Dr. Forson emphasized the urgency of addressing key challenges hindering Africa’s progress: youth unemployment, the escalating threat of climate change, persistent infrastructure deficits, and geopolitical instability. These interconnected issues, he argued, demand a coordinated, continent-wide response driven by visionary leadership. He lauded Africa’s inherent resilience and resourcefulness, its capacity for adaptation, innovation, and unity, emphasizing the need to leverage these strengths as the foundation for future development. The African Continental Free Trade Area (AfCFTA), a landmark initiative aiming to unite 1.4 billion people under a single trade framework by dismantling tariffs, quotas, and other barriers, was highlighted as a pivotal mechanism for achieving this vision. Dr. Forson stressed that realizing the aspiration of an economically integrated, industrially robust, digitally connected, and climate-resilient Africa requires meticulous planning, robust partnerships, and bold, decisive leadership.
Afreximbank: A Catalyst for African Economic Development
Dr. Forson commended Afreximbank for its unwavering support of Africa’s trade agenda since its inception in 1993. He characterized the institution as not merely a financier, but a strategic development partner offering tailored, timely, and transformational solutions to African challenges. He praised the bank’s pivotal role in boosting intra-African trade, empowering small and medium-sized enterprises (SMEs), and promoting industrialization across the continent. He specifically highlighted initiatives like the Pan-African Payment and Settlement System (PAPSS) as a game-changer in dismantling financial and transactional obstacles to cross-border commerce, fostering a more integrated and efficient African marketplace. This, he argued, was crucial in ensuring African businesses remain competitive on the global stage.
Looking Ahead: A Vision for Shared Prosperity
Dr. Forson concluded his address with a resounding call to action, urging governments, industry leaders, and Afreximbank stakeholders to intensify collaboration and forge stronger partnerships to secure Africa’s long-term prosperity. He emphasized the shared responsibility in realizing the continent’s economic potential and urged all stakeholders to embrace a collaborative approach to achieve this goal. This collaborative spirit, he argued, was crucial for overcoming the multifaceted challenges and unlocking the vast opportunities that lie ahead for the continent.
Afreximbank’s Future Priorities: Value Addition and Processing for Transformation
In a separate interview with the Ghana News Agency, incoming Afreximbank President Dr. George Elombi articulated the bank’s future priorities, emphasizing a strategic focus on supporting value addition and processing across the continent. This approach aims to move beyond the export of raw materials and focus on developing local processing capabilities. This shift, he explained, is designed to stimulate job creation, build local expertise and confidence, enhance skills development, broaden the tax base, and crucially, mitigate the importation of unemployment into Africa. By fostering local processing and manufacturing, Afreximbank aims to create a virtuous cycle of economic growth and development.
The 2025 AGM: A Platform for Advancing Africa’s Economic Agenda
The 2025 Afreximbank AGM served as a critical platform for in-depth discussions on key issues shaping Africa’s economic future. Delegates from over 80 countries, including African and Caribbean Heads of State, business leaders, and trade experts, converged to explore crucial topics such as trade finance, the effective implementation of the AfCFTA, streamlining cross-border payments, and deepening economic integration between Africa and the Caribbean. The summit underscored Afreximbank’s pivotal role as a cornerstone of Africa’s economic ambitions, solidifying its position as a driving force behind the continent’s pursuit of sustainable growth and development. The discussions and collaborations fostered at the AGM are expected to shape the future trajectory of African trade and economic integration.
