Amin Adam kicks against Africa’s heavy investment in foreign lands

Finance Minister, Dr. Mohammed Amin Adam, has urged African governments to invest in Regional Funds rather than foreign financial institutions using money from resource-rich sectors.

Speaking at the 2024 African Development Bank (AfDB) Annual Meetings, he emphasized using these funds for infrastructure to boost intra-Africa trade and address economic crises.

Dr. Adam criticized the practice of holding reserves in international banks, advocating instead for sector-specific funds, such as an African Fund for Energy Development. According to him, these funds would improve infrastructure, enhance connectivity, and support the African Continental Free Trade Area (AfCFTA).

He also called for collaboration to develop ports, roads, and railways to facilitate trade.