By Our Reporter
Carlos Lopes, the Executive Secretary of the Economic Commission of Africa (ECA) has challenged African Central Banks to finance the continent’s development. According to him, these banks must realize their potential in transforming Africa.
Lopes was addressing a group of Central Bank governors and development financing experts today at the Joint Annual Meetings of the African Union Specialized Technical Committee on Finance, Monetary Affairs, Economic Planning and Integration and the ECA Conference of African Ministers of Finance, Planning and Economic Development which took place in Addis Ababa.
“US$ 1 trillion of capital has not been put to work to finance Africa’s transformation. US$ 1 trillion is dormant in the coffers of pension funds, Central Banks, Commercial Banks and other holders of remittances in Africa. Controlling the finance is the key to fulfilling our aspirations and it is primarily you who can put this money to work,
