By: Celestine Avi and Seth Eyiah
President John Dramani Mahama has called on African leaders to ratify protocols establishing the African Monetary Institute, African Monetary Fund, African Investment Bank, and the Pan African Stock Exchange by September this year.
Speaking at the Alliance of African Multilateral Financial Institutions on the sidelines of the 39th African Union Summit, the President warned that Africa’s financial architecture cannot remain aspirational amid increasingly restrictive global conditions.
“If delays in implementing these institutions persist, the credibility of the AU’s Agenda 2063 flagship projects will weaken, and financial systems will remain fragmented across regional and national lines,” President Mahama said, urging urgent action to strengthen Africa’s economic integration.
African Monetary Institute: “Reduce inception cost, ensure smooth take-off”
On the African Monetary Institute (AMI), President Mahama urged African central banks to second technical staff to the Institute to reduce start-up costs. He also called on member states to include the AMI’s operational budget in their 2026 national plans to ensure a smooth take-off.
African Investment Bank: Slow Progress Raises Concern
Recalling that the African Investment Bank was adopted in 2009 to mobilise long-term capital for infrastructure and industrial transformation, President Mahama expressed concern over slow progress.
“Only six countries have so far ratified the protocols required to operationalise the Bank,” he noted, emphasizing the urgency for other member states to act.
Pan African Stock Exchange: Recommendations for Sustainability
Regarding the Pan African Stock Exchange, he acknowledged milestones achieved but presented three key recommendations to African leaders to ensure its sustainability, integration, and long-term growth.
African Monetary Fund: Expedited Ratification Needed
On the African Monetary Fund, President Mahama called on member states to expedite protocol ratifications to unlock its benefits for African citizens. He further urged the AU Commission to intensify advocacy at the national level to build political will and promote citizen engagement in the continent’s financial transformation agenda.
President Mahama’s interventions underscore a pressing need for Africa to strengthen its own financial architecture, ensuring that the continent can respond to global financial challenges independently while boosting economic integration and development.
More Stories Here
