Africa must attract foreign investment instead of relying on aid, stated Ghana's Deputy Finance Minister Thomas Nyarko Ampem. He spoke at the ACI World Congress in Accra, emphasizing the need to transform the continent into an investment destination to fund its development agenda. Mr. Nyarko Ampem believes Africa's growth hinges on harnessing its financial markets to generate long-term capital.
The Deputy Finance Minister highlighted that Africa receives a small portion of global capital. He called for a shift in perception, viewing Africa as a place for investment, not just aid. This requires 'patient capital,' innovative financial structures, and integrated bond markets. Blended finance, venture capital, private equity, and sustainable financing instruments are also crucial. Mr. Nyarko Ampem wants African capital to drive African transformation. He envisions financial markets acting as engines for innovation and prosperity.
This call aligns with Ghana's broader economic strategy to boost finance and investment. The African Development Bank (AfDB) estimates Africa faces an annual infrastructure financing shortfall between US$68 billion and US$108 billion. This gap represents a significant opportunity for liquidity management and continental development. By 2051, one in four people globally will be African, underscoring the need for strong economies and sound institutions. These systems must inspire confidence in policy direction and fiscal discipline.
Mr. Nyarko Ampem stated that financial markets should expand opportunities and improve lives. He urged leaders to leverage Africa's young population, growing digital ecosystems, and urbanization. These are strategic assets for converting savings into productive investments. The core question is whether African financial systems are prepared to finance this transformation. This includes market depth for private capital and credible institutions to maintain investor confidence.
Ghana is committed to supporting Africa's financial market integration. Reforms aim to strengthen confidence and mobilize capital for infrastructure and industrialization. The Deputy Finance Minister encouraged financial professionals to use the Accra gathering to build partnerships. These collaborations will shape the future of African growth. He predicted that cities like Accra will increasingly influence global finance. Economies that are stable and forward-looking will lead this next era.