President Akufo Addo said the reliance of the African countries on the foreign capital market is risky for the growth of the continent.
He explains that, it does not give the continent the robustness needed for the economic growth.
President Akufo-Addo said it is important for Africans to build their indigenous financial institutions in order to achieve economic growth through domestic resource mobilization and private sector development.
President Akufo-Addo explained the drawbacks of depending on foreign capital, citing financial leakages, high borrowing rates, and interest payments as key issues.
According to him, such reliance undermines the growth of domestic financial institutions and hampers the development of African economies.
Delivering the keynote address at the 3OTH annual General meeting of the Africa Exim Bank in Accra, president Akufo Addo challenged his colleagues’ African leaders to build the prosperous Africa.
Story by: Osei Akoto (Teacher Kojo) / Ahotoronline.com
