The Minister of Finance, Dr. Mohammed Amin Adam, has urged African countries to implement strict measures to address the significant infrastructure gap, which is partly due to ongoing issues related to risk perception.

He stated that this challenge has long impeded the continent's ability to access affordable capital, necessary for funding large-scale infrastructure projects essential for development.

Speaking at a roundtable meeting on the sidelines of the IMF and World Bank Annual Meetings in Washington DC, Dr. Amin Adam stressed the importance of tackling this critical issue.

"While progress has been made, Africa still struggles to obtain affordable capital to close the infrastructure gap because of persistent risk perceptions. It is crucial that these issues are confronted directly to facilitate significant infrastructure investments," Dr. Amin Adam noted.

He called on development partners such as the World Bank and IMF to support the continent in addressing risk perception to access affordable capital for infrastructure development.

The event was organised by the African Center for Economic Transformation (ACET) in partnership with the African Union (AU) and the United Nations Economic Commission for Africa (ECA).

During the discussions, leaders and experts emphasised that addressing risk perception directly was essential to unlock the necessary capital for the continent.

The roundtable brought together key representatives from finance ministries, development banks, and the private sector. Participants collectively echoed the need for a renewed focus on strengthening African financial institutions to secure a competitive position in the global economy. Ghana’s Ministry of Finance (MoF) actively participated, supporting the call for reforms.

The discussions concluded with a commitment from African leaders and development partners to prioritise and expedite efforts to reform and strengthen financial institutions, ensuring Africa's successful integration into the global capital market.

The IMF and World Bank Annual Meetings is a crucial platform for shaping global economic policies and addressing urgent development issues.

Notwithstanding the great progress made in recent decades, Africa still experiences a significant infrastructure gap, partly due to the perception of risk, which has long hindered our ability to access affordable capital to bridge the gap. At a roundtable on the sides of the… pic.twitter.com/TtuF5Moeky

— Office of the Finance Minister-Ghana (@oofmghana) October 23, 2024