Ghana’s Finance Minister, Dr. Mohammed Amin Adam, has emphasised the crucial role of intra-African trade in bolstering the country’s economic recovery and resilience against external shocks.

Speaking in Washington D.C. on October 23 at a meeting between African finance ministers and World Bank President Ajay Banga, Dr Adam underscored the need for African nations to unite in overcoming the barriers that hinder effective trade within the continent.

“Ghana cannot achieve this alone,” he said, adding, “We must unite to address the obstacles preventing us from realising the dream of a robust intra-African trade system.”

The Finance Minister identified the African Continental Free Trade Area (AfCFTA) as a key driver for regional integration and economic growth in Ghana.

He noted that intra-African trade could catalyse job creation, economic expansion, and poverty reduction, while also acknowledging the support of global institutions like the World Bank and the International Monetary Fund (IMF) in helping to dismantle trade barriers.

“We recognise intra-African trade as essential for economic growth and are committed to eliminating the challenges with the continued support of our global partners,” Dr Adam stated.

Dr Adam also called on the IMF and World Bank to back initiatives like regional payment systems, which are crucial to unlocking the full potential of intra-African trade and facilitating seamless transactions across borders.

“Ghana and the region need guarantees to mitigate risks associated with payment systems,” he explained, highlighting the importance of a unified, intra-continental payment framework to ensure the successful implementation of the AfCFTA.

“We recognise that financial inclusion and harmonised trade routes are necessary to ensure inclusive implementation of the AfCFTA,” he added.

Beyond his comments on intra-African trade, Dr. Adam has been actively engaged in bilateral talks with Ghana’s development partners.

These discussions have focused on critical issues such as Ghana’s development operations, energy sector reforms, and climate change strategies.

During these meetings, the Finance Minister stressed the important role Ghana’s partners play in stabilising the country’s economy.

He also advocated for reforms to the global financial architecture, pushing for greater African influence in shaping the flow of global capital and international support.

Dr Adam made these remarks at the ACET Roundtable on Africa’s Agenda for Financial Architecture Reform, co-hosted by the African Union and the United Nations Economic Commission for Africa (UNECA) at the Elliott School of International Affairs, George Washington University, on October 22, 2024.