Africa must look inward: Reframing resilience in a shifting global econy
Matilda Asante-Asiedu, Second Deputy Governor, of the Central Bank of Ghana, argues that Africa must look inward to build true financial resilience. She stated, "Just like human beings, resilience starts from within. So for Africa to build resilience, Africa will have to look inward." She presents a counterpoint that Africa is not lacking in resources, but in coordination.
Financial assets already exist at scale across the continent. Pension funds, capital markets, remittances, and savings collectively exceed one trillion dollars. Asante-Asiedu suggests this misalignment is due to fragmentation. Africa currently operates about 29 stock and bond markets. She also said, "From Ghana, I cannot go and borrow from the stock market in Kenya. But if we had a proper structure, I could borrow from them… the Kenyan investment will get returns, and the Ghanaian economy will also grow."
Achieving financial integration requires political will and economic actors leading the conversation. Asante-Asiedu is articulating a long-term vision where Africa's strength lies in its ability to mobilize and optimize its own capital.
Quick Summary
Ghana's Central Bank Deputy Governor calls for Africa to build financial resilience by looking inward amidst global economic shifts. She highlights the continent's under-leveraged assets, hinting at the potential of intra-African financial collaboration- but what are the obstacles?
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