Former Ghanaian President Nana Addo Dankwa Akufo-Addo has called on African governments to channel at least 30% of their sovereign reserves into African-owned financial institutions such as the African Export-Import Bank (Afreximbank) and the African Development Bank (AfDB).Spe aking at the 2025 Afreximbank Annual Meetings and AfriCaribbean Trade and Investment Forum held in Nassau, The Bahamas , Akufo-Addo emphasized that redirecting reserves currently held in Western financial systems could significantly boost Africa’s financial sovereignty, development capacity, and infrastructure financing.
He criticized the continent’s continued reliance on foreign central banks for reserve management, arguing that this practice undermines Africa’s long-term growth and leaves it vulnerable to global shocks. “Why should African countries be keeping hundreds of billions of dollars in foreign banks while struggling to fund roads, schools, and healthcare systems?” Akufo-Addo asked. “It’s time we invested in ourselves.” He also reaffirmed support for accelerating the operationalization of the African Monetary Institute and, eventually, the African Central Bank under the African Union’s Agenda 2063.
Highlighting Afreximbank’s recent approval of a $750 million financing package for Ghana to support balance-of-payment and development needs, Akufo-Addo underscored the value of strengthening institutions that are African-led and Africa-focused. The former president’s remarks come amid growing calls for African countries to de-risk their economies through intra-continental trade, enhanced fiscal coordination, and the use of local currency settlement systems under the African Continental Free Trade Area (AfCFTA).
