Ghana’s Finance Minister– Dr. Mohammed Amin Adam, frowned at African Administrations Venturing in Foreign Financial Establishments wielding Finance earned from its Resource-Rich Sectors

By Abdul Rahman Bangura-

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NEW AFRICA BUSINESS NEWS (NABN) Freetown, Sierra Leone- The Minister beckoned for the establishment of Regional Funds to draw financial resources for infrastructure development to navigate intra-Africa trade, and enable to ameliorate the crystal financial battles on the Landmass.

He emphasized that, Ghana had enough resources, bemoaned the rate at which some other nations saved money in international financial institutions, depriving the continent of desired funds for development.

“Some of our African countries are holding our reserves in international banks; Ghana’s Petroleum Holding Funds are invested in US bonds, Nigeria is keeping their oil money in foreign accounts, but why?” he quizzed.

“We need to create regional Funds, so that beyond the African Development Fund and what we get from the international financial world, we also pull resources to together to set up Regional Funds,” he stated.

The Regional Funds, he lamented, could be sector-specific, like retaining an African Fund for Energy Development, which could draw resources, encircling pension funds, to support direct investment in infrastructure.

The Finance Minister noted, by doing such; it would aptly bolster the weaknesses in infrastructure and connectivity and heighten the success of the African Continental Free Trade Area (AfCFTA) consensus. He remembered on the state of trade on the African Continent, remarked that; there was room to improve on intra-continental trade, that opens from the African Growth and Opportunity Act (AGOA) implementation is totaled at 15% of global trade. For instance in the Energy Sector, he referenced those funds could be utilized to develop the energy pools by connecting the West, East and Central African power pools, to make power cheaper and available to people and businesses.

“It doesn’t make sense when Ghana has 90% access to electricity and the next-door neighbor has 30%, the Minister has called for a swift change in that circumstance.

As he was pointing that there was the desire to trade petroleum products within the continent, he asked, “how do trade in petroleum products flourish if you don’t have the ports?”

He beckoned on African governments to embrace collaborations to develop ports, roads, railway infrastructure, focused on interconnectedness, saying, “that’s how we can boost trade amongst ourselves.”

For New Africa Business News (NABN) Abdul Rahman Bangura Reports, Africa Correspondent