Your Excellency, Mr. Nana Addo Dankwa Akufo-Addo, President of the Republic of Ghana and Champion on African Union Financial Institutions;

Your Excellencies, African Union Heads of State and Government;

Honourable Ministers;

Honourable Central Bank Governors;

Heads of the African Multilateral Financial Institutions;

Members of the of the Diplomatic Community;

Distinguished Delegates;

Ladies and Gentlemen.

I greet each and every-one of you.

On behalf of His Excellency Moussa Faki Mahamat, Chairperson of the African Union Commission, and my behalf, I welcome you to this historical event, which aligns to the vision of our forefathers since the establishment of this organisation

One of the primary objectives of the African Union is to improve the standards of living of all Africans by fostering inclusive growth and sustainable development of the continent. To achieve this, increased cooperation and integration of African states is pertinent.

The Heads of State and Government Dialogue is a significant step towards achieving the vision and aspirations of Agenda 2063, the blueprint for Africa's transformation.

This event is the first of its kind, in support of continental efforts towards the establishment of the African Union Financial Institutions, with a view to strengthening regional integration and monetary cooperation by promoting coordination and collaborative efforts among African Heads of State and Governments and the African Multilateral Financial Institutions.

We applaud these efforts!

The leadership and guidance of H.E. Mr. Nana Addo Dankwa Akufo-Addo, President of the Republic of Ghana and Champion on African Union Financial Institutions in organising and hosting this event cannot be overemphasised.

We greatly appreciate the unwavering support from the African Multilateral Financial Institutions, the United Nations Economic Commission for Africa, and the African Center for Economic Transformation in ensuring the success of this event. This is a clear indication of what we can accomplish as a united continent.

Excellencies

Distinguished Delegates

This Dialogue is being hosted in an effort to devise solutions and chart a way forward on expediting the establishment of the African Union Financial Institutions in the context of Reforming the Global Financial Architecture. We shall witness another historic milestone, the launch of the Alliance for African Multilateral Financial Institutions (AAMFI) – Africa Club.

As we find ourselves on the brink of a new era, facing challenges and opportunities, it is imperative that we take bold and decisive actions to reshape the financial landscape in a manner that reflects the aspirations and interests of all nations, particularly those of the African continent.

The current global financial system is flawed due to the unequal distribution of power and influence, which leads to the marginalization of developing nations, particularly in Africa. Despite Africa being home to some of the world's fastest-growing economies and emerging markets, it remains underrepresented and underserved within existing financial institutions.

The establishment of African Union Financial Institutions, namely; the African Central Bank (ACB), the African Investment Bank (AIB), the African Monetary Fund (AMF) and the Pan-African Stock Exchange (PASE) is a crucial step towards addressing the imbalance and empowering our continent to assert its rightful place on the global fora. By combining our resources and expertise, we can create institutions that are tailored to the specific needs and priorities of African continent. This will foster greater collaboration and solidarity among African Union Member States.

Moreover, African Union Financial Institutions have the potential to foster inclusive growth and sustainable development of the continent. By leveraging innovative financing mechanisms and promoting responsible investment practices, these institutions can unlock the vast potential of Africa's human capital and natural resources, driving economic transformation and creating opportunities for the people, including women and youth.

In addition, the establishment of the African Financial Stability Mechanism through the African Monetary Fund has the potential to cushion the continent from current and future shocks.

Excellencies

Distinguished Delegates

Allow me to underscore the significance of African Multilateral Financial Institutions in Africa's transformation. Throughout the COVID-19 pandemic, we have witnessed the vital support provided to our Member States. Let us re-double efforts in bolstering these institutions and ensuring their ongoing support for Africa's inclusive growth and sustainable development.

The establishment of the Africa Club will be instrumental in supporting African Union Member States in addressing financing challenges and strengthening support for the continent's transformation and integration.

As I conclude, the establishment of African Union Financial Institutions is not just about making institutional reforms as reflected earlier. It is a transformative endeavor that has the potential to create a more just, equitable, and prosperous future for our continent. As we move forward, let us reaffirm our commitment to solidarity, cooperation, and shared prosperity. This is a historic opportunity to reshape the global financial architecture to reflect the goals and aspirations of Agenda 2063.

I thank you!