On 29 October 2026, Ghana’s President John Dramani Mahama addressed delegates in Moscow, calling for local‑currency trade settlements and integrated digital payments across Africa. He linked these measures to greater local processing of minerals and agriculture, arguing that a single market must make production, investment and trade more rewarding.
The Africa Prosperity Network (APN) highlights that visa‑free travel and cross‑border mobile‑money payments could lift intra‑African trade from the current 16‑17% to over 25% within five years. Such moves would open commercial highways, encouraging investors to finance transport and logistics that deliver goods swiftly across borders.
Yet APN warns that many African economies reward financing governments more than enterprises. Governments borrow heavily at high interest rates, offering banks attractive Treasury returns with lower operational demands than investing in manufacturing, agribusiness or other productive sectors. This dynamic can crowd out capital for businesses that need machinery, reliable electricity and skilled labour.
High nominal yields on government bonds do not guarantee real returns, as inflation and currency depreciation can erode profits. When persistent deficits absorb savings, borrowing costs for firms rise, stalling industrial growth. APN compares this to the United States, where financialisation has shifted focus from expanding productive capacity to maximising shareholder value.
APN stresses that affordable, patient capital is essential for Africa’s integration agenda. A larger market alone cannot finance machinery or meet orders; it must be paired with sound economic management—low, stable inflation, credible public finances and sustainable borrowing. Only then can productive enterprise thrive and truly benefit from a continent‑wide market.
The network also welcomes the launch of the Africa Credit Rating Agency, led by Dr Sifiso Falala, which aims to improve risk assessment and unlock affordable finance for African investors.
In short, APN’s focus now is on two quick wins: cross‑border digital payment interoperability and visa‑free travel. These will create the practical means for people, goods and money to move, while affordable finance will enable the production that underpins long‑term prosperity.
