President Akufo-Addo is asking the European Union to address the ‘risk premium’ tag placed on Africa which raises the cost of capital when African entities are borrowing on the international market.
According to President Akufo-Addo, Africa provides the highest returns on investments obtainable anywhere while it has a good record of debt repayment.
The President who was speaking at the 2022 European Union Development Days Conference in Brussels, Belgium also stressed the need for Europe and Africa to fight tax evasion and illegitimate commercial transactions by multinationals.
President Akufo-Addo noted that ”the combined effects of debt situations, rising interest rates and rising cost of living are resulting in severe macroeconomic and financial instability for African countries”.
He, therefore, called for more support and collaboration from the EU.
