Latest news with #intra-African
Business Insider
a day ago
- Business
- Business Insider
5 African countries make historic $16 million pledge to African Development Fund
Five African nations - The Gambia, Ghana, Liberia, Sierra Leone, and Sudan - have made a historic collective contribution of $16 million to the African Development Fund (ADF), marking a significant milestone in the continent's journey toward financial autonomy and shared prosperity, and demonstrating African solidarity and self-reliance. Five African nations contributed $16 million to the African Development Fund, tripling their previous pledge. This marks the first-time contributions from all countries in a single constituency during an ADF replenishment cycle. The contributions increased the number of African ADF donor countries from eight to thirteen. The $16 million pledge was made during a high-level meeting on the sidelines of the 2025 African Development Bank (AfDB) Annual Meetings in Abidjan, Côte d'Ivoire, signaling a strategic and symbolic shift for the African economic alliance. This move, which more than triples their previous pledge of $5 million, marks a breakthrough in the continent's development financing approach. Notably, for the first time in ADF history, all five countries from a single constituency have committed to the Fund's replenishment cycle. Rufus Darkortey, the outgoing Executive Director, welcomed the development with great enthusiasm. He said: " This is a powerful message that Africa is not just a recipient but a partner in shaping its own future." Pledges by Country: Ghana: $5 million Sudan: $3 million Liberia: 3 million Sierra Leone: $3 million The Gambia: $2 million The bold pledges have significantly increased the number of African donor countries to the ADF from 8 to 13, representing a 62.5% rise in intra-African financial support, signaling growing confidence in homegrown financing solutions The meeting also marked a significant leadership transition, honoring Sheku Bangura, Sierra Leone's Finance Minister and Chair of the Governors, and Executive Director Rufus Darkortey for their transformative leadership over the past three years. At the event, which included a tribute to the outgoing leadership, Bangura reflected: " Three years ago, the road looked steep, but together, we turned challenges into stepping stones, building resilience, amplifying our voice, and unlocking greater financing flows for our countries." The new leaders, Dr. Cassiel Ato Forson, Ghana's Finance Minister, and Augustine Kpehe Ngafuan, Liberia's Finance and Development Planning Minister, were welcomed amid high expectations for continuity and innovation. The constituency reaffirmed its commitment to domestic resource mobilization (DRM) and and private sector-led growth, recognizing it as essential for sustainable development: The Gambia doubled its tax-to-GDP ratio in just two years through fiscal reforms. Ghana strengthened compliance and expanded fiscal space via digital revenue systems. Liberia was selected as the pilot for the Youth Entrepreneurship Investment Bank and secured $40 million for the Ghana SME Growth Opportunity Fund. AfDB eyes future growth The Bank's ongoing efforts also include targeted macroeconomic support for Ghana and plans to establish an office in The Gambia. Additionally, Sudan is benefiting from crisis response and food security initiatives. In anticipation of the leadership transition, Bangura articulated a strategic vision, he emphasized: " The message from the Bank and development partners is clear: future resources will hinge on performance, selectivity, and a reduced grant component in financing," " This is our moment to position our countries not as passive recipients but as agile reformers and credible investment destinations." He added. The overarching message from both outgoing and incoming leaders is clear: Africa must own its development agenda.
Libya Review
2 days ago
- Business
- Libya Review
Libya Invests in Afreximbank to Support Reconstruction
Libya has officially become a shareholder in the African Export-Import Bank (Afreximbank) after fully paying for its shares on 13 May. The move marks a strategic milestone aimed at supporting the country's economic recovery and strengthening its integration into the African trade and investment landscape. According to a statement on Afreximbank's website, Libya's accession to the bank's founding agreement in October 2024 made it the 52nd African nation to join the institution. This step contributes to Afreximbank's goal of achieving continental coverage and advancing its agenda for African integration. The bank operates across key sectors including infrastructure, oil and gas, and the export of manufactured goods to African markets. It also supports regional integration projects that connect Libya with other North African countries. Professor Benedict Okechukwu Oramah, Chairman of Afreximbank, praised Libya's investment, noting that it positions the bank to play a critical role in supporting the Libyan government's reconstruction efforts. He highlighted that Libya's membership enables investment in vital cross-border infrastructure projects, such as oil pipelines, road links between Libya and Egypt, and electricity interconnection projects with Tunisia and Algeria. 'This demonstrates the confidence African governments place in their multilateral financial institution,' said Oramah, adding that Libya's contribution will help expand the bank's capital base and enhance its impact across the region. Libya's Minister of Finance, Dr Khaled Al-Mabrouk, representing the Government of National Unity (GNU), emphasised the significance of this partnership. He described Libya's membership as a turning point in the country's path to economic diversification and reconstruction. 'This acquisition establishes Libya as a full member and shareholder in this prestigious African multilateral institution. It is a historic achievement following our signing of the bank's founding agreement,' said Al-Mabrouk. He added that Libya's move reflects its commitment to deeper economic integration within Africa. 'As the 52nd African country to join Afreximbank, we affirm our dedication to building strong trade and investment ties across the continent.' For over three decades, Afreximbank has led efforts to transform intra-African trade, offering innovative financing solutions that drive industrialisation and economic growth.
Eyewitness News
2 days ago
- Business
- Eyewitness News
Laying new tracks: how infrastructure and trade are redrawing Africa's economic map
Statistics from the African Development Bank indicate that trading between African countries is often more costly, leading to a markup on traded goods. Historically, countries have rarely traded with one another, but this trade agreement aims to rectify the issue. For the trade agreement to be effective, the continent must tackle high intra-African trade costs and inadequate logistics infrastructure. Orderson points to a range of infrastructure projects that are transforming access and logistics. Chief among them is the Trans-Sahara Highway, a 9,000-kilometre motorway linking Algeria to Lagos.
Yahoo
4 days ago
- Business
- Yahoo
Johannesburg Gets Ready for Digital Finance Africa 2025
IT News Africa's drives fintech innovation, secure cross-border payments, AI advancements, and financial inclusion across Africa. JOHANNESBURG, May 28, 2025 (GLOBE NEWSWIRE) -- Africa is undergoing a profound financial transformation, with fintech and cross-border payments leading the charge. The continent's cross-border payments market is projected to grow from $329 billion in 2025 to $1 trillion by 2035, fueled by fintech innovation and intra-African trade. This growth enhances financial inclusion, connecting millions via mobile money, where Africa leads globally. However, this digital surge heightens cybersecurity risks, necessitating robust fraud prevention. Fintechs must prioritize compliance, identity verification, and AI to safeguard data. AI is revolutionizing banking by automating fraud detection, enhancing compliance, and improving risk assessment, enabling secure, efficient systems. 'The 5th Digital Finance Africa conference is a pivotal platform for uniting industry leaders to shape a secure, inclusive financial future,' says Abe Wakama, CEO of IT News Africa. Set for July 3, 2025, at The Maslow Hotel, Sandton, this summit will foster collaboration in fintech, AI, regulation, and cybersecurity. Themed "Safeguarding Innovation: Advancing Secure, Inclusive Finance in Africa," DFA2025 will explore technology's transformative power. Key Topics Navigating cybersecurity risks Emerging payment technologies Overcoming capital constraints Implementing AI in banking Leveraging cloud infrastructure Why Attend? Engage with 300+ executives and founders Gain insights from thought leaders Explore cutting-edge solutions Network for collaboration Registration Discounts Use coupon code "SAVE50@DFA" for 50% off! Why Sponsor or Exhibit at Digital Finance Africa 2025? Join Digital Finance Africa 2025 on July 3, 2025, at The Maslow Hotel, Sandton, to showcase your fintech or technology services. Engage with decision-makers from major banks, present innovative solutions, and establish your company as a leader in Africa's fintech market, projected to reach $1 trillion in cross-border payments by 2035. Gain extensive branding, secure opt-in contacts for ongoing relationships, and drive sales with a speaking slot. With digital payments expected to hit $1.5 trillion by 2030, this summit is the ideal platform for fintechs and tech providers to fuel growth and shape Africa's financial future. To register, speak, sponsor, or exhibit, visit: Media ContactMamsi Nkosi, IT News Africaevents@ in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Arabian Post
5 days ago
- Business
- Arabian Post
Adesina Urges Successor to Champion Africa's Financial Autonomy
Dr Akinwumi Adesina, nearing the conclusion of his decade-long presidency at the African Development Bank , has called upon his successor to prioritise Africa's financial sovereignty and ensure the continent's interests are robustly defended on the global stage. This appeal comes as the AfDB prepares to elect a new leader during its annual meeting in Abidjan, Côte d'Ivoire, on 29 May. The incoming president will assume office amid significant challenges, notably the proposed $555 million reduction in funding from the United States to the AfDB and its concessional arm, the African Development Fund . This funding shortfall presents a critical test for the new leader, who must navigate the financial gap by potentially persuading the U.S. to restore its support, soliciting contributions from other nations such as China, Saudi Arabia, or the UAE, or increasing funding from African member states. Five candidates are vying for the presidency: Swazi Tshabalala of South Africa, Amadou Hott of Senegal, Samuel Munzele Maimbo of Zambia, Sidi Ould Tah of Mauritania, and Abbas Mahamat Tolli of Chad. Each brings a distinct vision for the bank's future. Tshabalala emphasises internal restructuring to enhance focus on infrastructure and innovation in financial instruments. Hott advocates for African financial self-reliance by improving revenue mobilisation and facilitating private-sector investments. Maimbo focuses on intra-African trade, regulatory streamlining, and a unified development approach across the continent. Ould Tah prioritises economic sovereignty, capital mobilisation, formalising Africa's informal sector, and building climate-resilient infrastructure. Tolli proposes enhanced governance, risk pooling, and digital finance mechanisms to curb resource mismanagement and promote self-sufficiency. ADVERTISEMENT Adesina's tenure has been marked by significant achievements, including increasing the bank's capital base from $93 billion to $318 billion and implementing initiatives that have impacted over 515 million lives across Africa. Under his leadership, the AfDB has invested over $55 billion in infrastructure, making it the largest multilateral financier of African infrastructure. The bank has also prioritised healthcare, committing $3 billion in quality healthcare infrastructure and another $3 billion for pharmaceutical development, including establishing the Africa Pharmaceutical Technology Foundation. As he prepares to step down, Adesina has urged his successor to continue advocating for Africa's interests, particularly in the face of global financial shifts and challenges. He emphasised the importance of including Africa's natural capital—oil, gas, minerals, biodiversity, carbon—into GDP calculations to enhance borrowing power and stressed the need for financial independence amid reduced Western aid. Adesina also highlighted the exploitation of African forests for cheap carbon credits, advocating for fair valuation of Africa's carbon sequestration resources.
