African Leaders Unite to Advance Financial Institutions at AU Sidelines
Several African Heads of State and Government, including President Hakainde Hichilema of Zambia, President Nana Dankwa Addo of Ghana, and President William Ruto of Kenya, convened at the sidelines of the African Union (AU) to discuss the expedited operations of African financial institutions aligned with Agenda 2063.
During the dialogue, agreements were reached with financial business leaders to launch the ‘Africa Club’, formally known as the Alliance of African Multilateral Financial Institutions (AAMFI). This initiative, deemed crucial by the participating leaders, aims to provide a platform for advancing Africa’s economic interests globally.
President Hichilema emphasized the importance of unity among African nations in leveraging the ‘Africa Club’ to address disparities in global markets that currently disadvantage Africa.
He expressed concerns over the undervaluation of African economies, which hinders economic growth by limiting access to lower-cost capital.
Furthermore, the leaders stressed the need for a well-established timeline to achieve the objectives set forth by the ‘Africa Club’, underscoring the urgency of advancing Africa’s economic agenda.
They called for a shift towards revenue generation over consumption and emphasized the importance of increased intracontinental trade to achieve self-sufficiency and drive economic advancement across the continent.
The launch of the ‘Africa Club’ marks a significant milestone in Africa’s quest for economic empowerment and global recognition. By uniting under this platform, African leaders are poised to advocate for policies and initiatives that promote sustainable economic development and address longstanding challenges faced by the continent.
As the dialogue concluded, President Hichilema and his fellow African leaders expressed optimism about the potential impact of the ‘Africa Club’ in reshaping Africa’s economic landscape and advancing its position in the global financial architecture.
