Ghana’s Finance Minister, Dr. Cassiel Ato Forson, has called on African governments to adopt bold policy reforms and targeted investments to fast-track the continent’s economic transformation.
Delivering his keynote address read on his behalf by Deputy Finance Minister Thomas Nyarko Ampem, at the opening of the 32nd Annual General Meetings (AGM) of the African Export-Import Bank (Afreximbank), Dr. Forson challenged African leaders to seize the moment and reshape the continent’s economic future.
“With the right policies and investment, we can achieve unprecedented economic integration and prosperity,” he said.
Held in Abuja, Nigeria, from June 25 to 28 under the theme “Building the Future on Decades of Resilience,” the summit brought together over 6,000 delegates from more than 80 countries, including African and Caribbean Heads of State, top business executives, and trade experts.
Dr. Forson acknowledged Africa’s long history of overcoming economic shocks, global market disruptions, health crises, and climate-related disasters. He urged leaders to move beyond reactionary strategies and embrace a bold, self-determined path to sustainable growth.
“Africa must continue to chart its own course, one rooted in self-belief, integration of our isolation, production over dependence and collaboration over fragmentation,” he told shareholders.
He stressed that tackling the continent’s most urgent challenges—youth unemployment, climate change, infrastructure deficits, and geopolitical instability—demands coordinated action and visionary leadership.
“The continent had time and again [shown] its resilience and resourcefulness, adapting, innovating and finding strength in unity, ‘deeply rooted in the spirit of our people, is the foundation on which we must now build the future.’”
Central to this vision, he noted, is the African Continental Free Trade Area (AfCFTA), which aims to bring together 1.4 billion people under a unified trade framework by eliminating tariffs, quotas, and other trade barriers.
“We envision an Africa that is economically integrated, industrially robust, digitally connected and climate resilient, but this vision will not come to light by chance. It requires design, strong partnerships, and bold leadership,” Dr. Forson emphasised.
He praised Afreximbank for its steadfast support of Africa’s trade agenda since its establishment in 1993, calling the institution both a financier and a strategic development partner.
“Afreximbank provides African solutions to African leads, tailored, timely and transformational,” he said, lauding the bank’s work in boosting intra-African trade, empowering SMEs, and promoting industrialisation.
He highlighted the significance of initiatives like the Pan-African Payment and Settlement System (PAPSS), which he described as a game-changer in removing financial and transactional barriers to cross-border commerce.
“Initiatives like the Pan African Payment and Settlement System (PAPSS) are fast dismantling barriers to cross-border trade, while strategic partnerships are ensuring that African businesses remain competitive on the global stage.”
Dr. Forson closed his remarks with a call to action, urging governments, industry leaders, and Afreximbank stakeholders to intensify collaboration for Africa’s long-term prosperity.
In a related interview with the Ghana News Agency, incoming Afreximbank President Dr. George Elombi outlined the bank’s future priorities, which include aggressively supporting value addition and processing across the continent.
“This processing-focused approach aims to create more jobs, build confidence, enhance skills, increase the tax base, and reduce importing unemployment into our continent,” Dr. Elombi said.
The 2025 AGM served as a platform to explore trade finance, AfCFTA implementation, cross-border payments, and deeper Africa-Caribbean economic integration, reinforcing Afreximbank’s role as a cornerstone of Africa’s economic ambitions.
