African financial leaders call for institutional trust and structured capital

During the Africa Business Convention and the Forward Africa Leaders Symposium in New York, financial leaders emphasized the necessity of institutional trust and structured capital to drive African economic growth.

Abdul Hackim Kelvin of Citi noted that confidence in financial institutions is essential for deepening financial inclusion and expanding investment. He cited historical instances in Ghana, where the arbitrary freezing of accounts in the 1980s caused long-term reluctance among the informal sector to use formal banking systems. Kelvin argued that protecting trust is central to unlocking the continent’s economic objectives.

Oliver Alawuba, CEO of United Bank for Africa (UBA), highlighted the need to convert Africa’s opportunities into commercially sustainable, investable projects. He stressed that unlocking sustainable capital requires dependable revenues and accountable delivery. Alawuba pointed to UBA’s involvement in critical sectors, such as a US$6.56 million telecommunications project in Chad and a US$45 million road construction loan in Kenya, as examples of how structured financing can support large-scale infrastructure development.