Accra: Ghana has urged African countries to accelerate economic integration by supporting African-owned businesses and financial institutions capable of driving trade and investment across the continent. Delivering President John Dramani Mahama's address at the opening of First Atlantic Bank Liberia, Deputy Finance Minister Thomas Nyarko Ampem stated that Africa's next phase of integration would be driven not by politics, but by investment, trade, and strong regional institutions.
According to Ghana Web, Ampem emphasized that finance is the infrastructure that makes regional integration possible, highlighting that while roads move people, ports move goods, and digital networks move information, it is banks that move opportunity. He advocated for seamless access to banking services for businesses operating across West Africa, irrespective of national borders. 'A Liberian entrepreneur arriving in Accra, or a Ghanaian businessperson landing in Monrovia, should be able to walk into a First Atlantic Bank branch with the same confidence they would at home,' he asserted.
The Deputy Minister pointed out that despite ECOWAS having a population exceeding 400 million, only about 12% of trade occurs within the region, describing this as Africa's greatest untapped economic opportunity. Ampem also highlighted the significant potential of the African Continental Free Trade Area (AfCFTA), which connects 54 countries, 1.4 billion people, and a combined economy valued at over US$3.4 trillion.
He referred to World Bank estimates indicating that the full implementation of AfCFTA could boost intra-African exports by approximately 81% by 2035 through reduced trade barriers, enhanced trade facilitation, and stronger regional value chains. Ampem concluded that financial institutions like First Atlantic Bank would be instrumental in enabling businesses to capitalize on these opportunities by providing financing, facilitating payments, and supporting cross-border investment.