Africa Can Retain $500bn Reserves By Borrowing Locally – Oramah

Africa can reduce its rising sovereign debt burden and dependence on foreign financing by strengthening indigenous financial institutions, retaining its foreign reserves within the continent, and expanding local-currency transactions through regional payment platforms, former president of the African Export-Import Bank (Afreximbank), Professor Benedict Oramah, has said.
Oramah, speaking at the Aelex 20 Annual lecture in Lagos, said the continent’s continued reliance on foreign currencies for international trade settlements and external borrowing had left its economies vulnerable to exchange rate fluctuations, global financial shocks and sovereign debt crises.
He argued that African co...