- Dr. Amin Adam wants African countries to utilize resources
- He highlighted the need to enhance intra-continental trade
- He also emphasized the importance of developing ports
Ghana’s Finance Minister, Dr. Mohammed Amin Adam, has advocated for African governments to reconsider investing in foreign financial institutions and instead establish Regional Funds to support infrastructure development and intra-Africa trade. S
Speaking at the 2024 African Development Bank (AfDB) Annual Meetings in Nairobi, Kenya, Dr. Amin Adam emphasized the need for African countries to utilize their resources more effectively.
He noted that many countries save money in international financial institutions, depriving the continent of much-needed funds for development.
Instead, he proposed creating Regional Funds that could be sector-specific, such as an African Fund for Energy Development, to support direct investment in infrastructure.
Dr. Amin Adam believes this approach could significantly improve infrastructure and connectivity weaknesses, boosting the success of the African Continental Free Trade Area (AfCFTA) agreement.
He also highlighted the need to enhance intra-continental trade, which currently stands at 15% of global trade, according to African Growth and Opportunity Act (AGOA) implementation figures.
The minister suggested utilizing funds to develop energy pools, connecting West, East, and Central African power pools, making power more accessible and affordable.
He also emphasized the importance of developing ports, roads, and railway infrastructure to facilitate trade amongst African countries.
Dr. Amin Adam’s proposal is not new, as the Pan African Infrastructure Development Fund (PAIDF) was launched in 2007 to mobilize resources for infrastructure development.
However, he stressed the need for swift action to deepen collaborations and improve infrastructure development to boost intra-Africa trade.
