The Minister designated for Finance, Dr Mohammad Amin Adam, has highlighted recent figures indicating that African governments are facing a staggering US$89 billion in external debt servicing in 2024 alone. This poses significant risks to fiscal sustainability and economic stability, emphasizing the urgent need for concerted efforts to address debt sustainability and budgetary discipline.
Dr. Adam stresses the importance of supporting Africa’s financial and development finance institutions (DFIs) in taking on a more active role in financing development initiatives across the continent. By strengthening the capacity and resources of DFIs, they can mobilize capital more effectively and direct investments towards priority sectors such as energy, transportation, and telecommunications.
The Minister urges African governments to create a conducive environment for private sector participation to accelerate Africa’s progress. He believes that Africa cannot achieve prosperity in isolation and must collaborate closely with traditional businesses and the private sector to lift the majority of Africans out of poverty.
Mohammad Amin Adam made a bold assertion on Monday, May 13, 2024, during a press launch of the 3rd edition of the African Prosperity Dialogues held in Greater Accra.
He emphasized the need for Africans to recognize that Africa faces significant challenges that require a unified, continental solution.
Adam recommended the African Prosperity Network (APN) for bringing together talented individuals from across the African continent to collaborate on finding lasting solutions to Africa’s problems. The Executive Chairman of APN, Gabby Asare Otchere-Darko, expressed a strong commitment to promoting intra-African trade.
Otchere-Darko highlighted Africa’s vast market potential and stressed the importance of leveraging it to propel Africa towards greater success and global recognition. He emphasized the need for Africa to unite and capitalize on its strengths to emerge as a prominent continent on the world stage.
Source: Oyerepafmonline.com/Bernard K Dadzie
