Africa must become a destination for investment, not aid - Deputy Finance Minister
Thomas Nyarko Ampem, Deputy Finance Minister, called on African leaders to make the continent a destination for investment rather than a recipient of aid in financing its development agenda at the close of the two-day ACI World Congress in Accra. He said, "...Africa must no longer be viewed merely as a destination for aid, but as a destination for investment."
Mr. Nyarko Ampem stated that Africa still receives a disproportionately small share of global capital flows. He cited data from the African Development Bank (AfDB), which estimated that the continent faced an annual infrastructure financing gap of between US$68 billion and US$108 billion. He also noted that one in every four people in the world is projected to be African by 2051.
Mr. Nyarko Ampem urged financial professionals, regulators, investors, and innovators to treat the Accra gathering as a platform for building partnerships, innovations, and financial architecture. He said Ghana is determined to support Africa's financial market integration through reforms.
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Deputy Finance Minister Thomas Nyarko Ampem has urged African leaders and financial market players to consider the continent as an investment hub. He believes that harnessing the potential of financial markets is key - but what changes must occur to make this a reality?
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