The Minister of Finance, Dr. Mohammed Amin Adam, emphasised the pivotal role of intra-African trade in driving economic growth, creating jobs, and reducing poverty.

He reaffirmed the dedication of African governments to overcoming obstacles with the assistance of the International Monetary Fund (IMF) and the World Bank. Dr. Adam highlighted the importance of establishing a unified intra-continental payment system, which would enhance financial inclusion and streamline trade routes.

This system, he noted, is essential for the successful and inclusive implementation of the African Continental Free Trade Area (AfCFTA), ensuring that no country or individual is left behind. His remarks were made during the World Bank’s African Caucus Meeting, chaired by President Ajay Banga, last week. Despite the considerable progress made in recent years, Dr. Adam pointed out that Africa continues to face a significant infrastructure gap.

He attributed this, in part, to risk perception, which has hindered access to affordable capital needed to close the gap.

During a roundtable held on the sidelines of the IMF and World Bank Annual Meetings, organised by ACET for Africa and the African Union, Dr. Adam stressed the urgency of addressing the issue of risk perception. He called for improved access to affordable capital for large-scale infrastructure projects, emphasising the critical need to develop and strengthen continental financial institutions to better integrate Africa into the global market.

Source:TheDotNews