President Akufo-Addo is calling on African countries to swiftly establish and operationalize three African Union financial institutions.

The institutions are the Africa Monetary Fund, the Africa Central Bank, and the African Development Bank.

 According to President Akufo-Addo, who also serves as the AU Champion on Financial Institutions, this initiative will help the continent reduce its dependence on external financial institutions and create a more robust African economy.

Speaking at the AU meeting he said once operationalised, the three institutions will serve as the financial backbone for key infrastructure and development initiatives in Africa.

 “By integrating our financial systems we will not only create the more robust and resilient African economy but also improve the quality of life for our people to improve access to essential services and opportunities,” he said.

He explained that this was a bold and visionary step towards a unified, prosperous, and self-reliant Africa, adding that “it will be a testament to our collective resolve to take control of our financial destiny and build a future that reflects the true potential of our continent, the political and commitments of our government and the African Union Commission are essential in driving this agenda forward.”

President Akufo-Addo also advised that an appropriate legal framework and financial resources are in place to enable the establishment and functioning of the institutions.

The President also advocated that African States leverage their collective resources to achieve development and save 30% of their reserves in African financial institutions instead of taking them abroad.

President Akufo-Addo proposed measures to tackle illicit financial flows from Africa, advocating for a 10% tax on multinational companies.

He emphasised that such a tax would ensure these companies contribute their fair share to the development needs of the regions where they operate.