Ghana's Foreign Affairs Minister, Samuel Okudzeto Ablakwa, announced a proposal for African nations to allocate up to 30% of their sovereign reserves to continental financial institutions. This initiative seeks to lessen Africa's reliance on outside funding and speed up the continent's development. The announcement came during the closing ceremony of the 2026 3i Africa Summit in Accra on Friday, May 8, 2026.
President John Dramani Mahama champions this proposal in his role as African Union Champion on African Financial Institutions. The goal is to fortify Africa's capacity to fund its own progress. Many African countries now find accessing international capital markets increasingly difficult and costly. This strategy aims to build strategic financing autonomy for the continent.
This call aligns with Ghana's broader economic strategy to enhance local financial capabilities and reduce external vulnerabilities. Ghana has experienced the impact of subjective assessments by global credit rating agencies, which can inflate borrowing costs. Diverting reserves locally could inject crucial liquidity into regional projects and institutions, fostering self-reliance.
Mr. Ablakwa stressed at the summit that Africa must act on this proposal. He stated, “We must therefore act on this proposal to assert strategic financing autonomy for the development of our continent.” The continent requires significant annual funding, estimated between US$1.3 trillion and US$1.6 trillion, to meet the Sustainable Development Goals (SDGs) and the African Union’s Agenda 2063. This includes US$213 billion annually for climate action and an additional US$221 billion yearly for infrastructure development.
The Minister also highlighted Ghana’s unwavering support for a proposed African credit rating agency. Such an agency, championed by the African Union and the African Peer Review Mechanism, could offer more balanced assessments. This would tackle the issue of high borrowing costs African countries face due to currently unfair evaluations by international agencies. Ghana, having recently experienced severe effects from these assessments, recognizes the value of an independent, locally informed credit rating system.
Furthermore, Mr. Ablakwa expressed concern over illicit financial flows from Africa, which the United Nations Trade and Development Agency estimates at US$88.6 billion annually. This figure represents approximately 3.7% of Africa’s Gross Domestic Product. To counter this, Ghana’s Ministries of Finance and Foreign Affairs and the Ghana Revenue Authority are working within the African Group at the United Nations. They are negotiating a new framework convention on international tax cooperation to ensure fairer taxation regimes.
Ghana also continues to support regional financial integration efforts within the Economic Community of West African States (ECOWAS). This includes harmonizing financial regulations, strengthening banking supervision, and advancing regional monetary cooperation. Discussions around a proposed ECOWAS single currency aim to promote monetary stability and facilitate trade across West Africa. Ghana’s experience with fintech innovation, like the ECOWAS Free Roaming Initiative, demonstrates its potential for financial inclusion and supporting small businesses.