Ghana has reiterated its call for African countries to strengthen regional financial integration. This initiative aims to redirect more domestic capital toward continental development institutions. Access to international financing has become increasingly difficult and expensive for many African economies.
Foreign Affairs Minister Samuel Okudzeto Ablakwa delivered this message at the 3i Africa Summit 2026. He stated that African governments must pursue greater financial autonomy. This involves strengthening continental institutions, harmonizing regulations, and expanding cross-border payment infrastructure. The minister highlighted Ghana's support for the African Continental Free Trade Area (AfCFTA).
Ghana also supports the Pan-African Payment and Settlement System (PAPSS). This system allows businesses to conduct cross-border transactions using local currencies. PAPSS, launched in Accra and managed by the African Export-Import Bank, aims to reduce dependence on foreign reserve currencies. It also eases settlement challenges for African businesses trading across borders. Stronger financial integration is crucial to close significant funding gaps.
These funding gaps are linked to infrastructure, industrialization, and climate adaptation. Africa needs between GHS 1.3 trillion and GHS 1.6 trillion annually to achieve the UN Sustainable Development Goals. It also requires funds for the African Union’s Agenda 2063 development framework. Minister Ablakwa noted that redirecting Africa’s excess reserves could bridge the continent’s annual infrastructure financing gap.
Ghana supports proposals for African countries to allocate up to 30% of their sovereign reserves to African financial institutions. This would mobilize long-term development financing. Mr. Ablakwa criticized unfair sovereign credit assessments by international rating agencies. He argued that African economies often face disproportionately high borrowing costs. This happens even when their economic indicators are comparable to developed regions.
African governments are working to harmonize tax regimes and financial regulations. They are also unifying banking supervision frameworks to support cross-border investments. These efforts aim to improve investor confidence across the continent. Talks continue regarding the proposed ECOWAS single currency project.
Regional monetary cooperation remains critical for expanding trade and improving financial stability in West Africa. Ghana has also made significant progress in mobile money interoperability and digital payment systems. Mr. Ablakwa praised these advancements. He noted that financial technology has greatly improved inclusion for small businesses, women, and young entrepreneurs. Ghana's diplomatic efforts increasingly focus on securing investments. These investments target transport corridors, energy systems, and financial infrastructure. Such infrastructure supports continental trade connectivity and industrial development.