3i Africa Summit: ‘Africa Must Assert Strategic Financing Autonomy’ — Ablakwa

Minister for Foreign Affairs and Regional Integration, Samuel Okudzeto Ablakwa, has called on African countries to channel a portion of their sovereign reserves into continental financial institutions to reduce dependence on external financing and accelerate the continent’s development agenda.

Speaking at the closing ceremony of the 2026 3i Africa Summit in Accra on Friday, May 8, 2026, Mr. Ablakwa disclosed that President John Dramani Mahama, in his capacity as African Union Champion on African Financial Institutions, is championing a proposal for African states to allocate up to 30 per cent of their sovereign reserves towards African financial institutions.

According to him, the proposal seeks to strengthen Africa’s ability to finance its own development at a time when access to international capital markets has become increasingly difficult and expensive for many African countries.

“We must therefore act on this proposal to assert strategic financing autonomy for the development of our continent,” he stressed.

The Minister noted that Africa requires between US$1.3 trillion and US$1.6 trillion annually to achieve the Sustainable Development Goals and the African Union’s Agenda 2063.

He further stated that the continent needs about US$213 billion yearly to finance climate action and another US$221 billion annually for infrastructure development.

According to him, declining commitment by developed countries to meet financing obligations under the SDGs has made it necessary for Africa to look inward for sustainable financing solutions.

Mr. Ablakwa said estimates by the African Development Bank indicate that redirecting Africa’s excess reserves could significantly help bridge the continent’s infrastructure financing gap.

The Foreign Affairs Minister also reiterated Ghana’s support for the proposed African credit rating agency being championed under the African Union and the African Peer Review Mechanism.

He argued that African countries often suffer from unfair and subjective assessments by global credit rating agencies, leading to disproportionately high borrowing costs.

“As a country that has recently experienced the disproportionate effects of very subjective assessments by global credit rating agencies, we understand the enormous potential for an independent and locally informed credit rating system,” he stated.

Mr. Ablakwa further raised concern over illicit financial flows from Africa, which he said the United Nations Trade and Development Agency estimates at about US$88.6 billion annually, representing roughly 3.7 per cent of Africa’s GDP.

He disclosed that the Ministries of Finance and Foreign Affairs together with the Ghana Revenue Authority are currently coordinating within the African Group at the United Nations to negotiate a new framework convention on international tax cooperation aimed at ensuring fairer taxation regimes.

On regional integration, the Minister said Ghana continues to support efforts within the Economic Community of West African States to harmonise financial regulations, strengthen banking supervision and advance regional monetary cooperation.

He noted that ongoing discussions surrounding the proposed ECOWAS single currency seek to promote monetary stability and facilitate trade across West Africa.

Mr. Ablakwa also highlighted Ghana’s role in promoting digital financial integration, particularly through support for the ECOWAS Free Roaming Initiative and cross-border mobile money interoperability systems.

According to him, Ghana’s experience has demonstrated that fintech innovation can significantly expand financial inclusion and support small businesses, women entrepreneurs and young people.

He stressed that stronger regional financial integration would help African countries reduce vulnerability to external shocks and build more resilient economies.

“The path toward regional financial integration will require sustained commitment, practical action and strong partnerships,” he stated.

Mr. Ablakwa added that the outcomes of the summit would be presented to President Mahama ahead of his assumption of the African Union chairmanship in February 2027.

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