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African Foreign Reserves Grew $ 461 billion in 2008

African governments with large foreign reserves in western banks have been urged to keep such reserves with African Financial Institutions (AFIs).

The call was made by The President of the African Export Import Bank (Afreximbank), Mr. Jean_Louis Ekra and the Assistant Minister of Finance and Development Planning of Republic of Botswana, Mr. Keletso Rakhudu on Saturday in Gaborone, Botswana, at the meeting of the advisory group on trade finance and export development of Afreximbank.
Also at the meeting was Nigeria's Minister of State for Finance, Mr. Remi Babalola. Rakhudu asserted that the current arrangement regarding the management of the continent's foreign exchange reserves does not serve the interest of African economies well. He said, "Africa's foreign exchange reserves have been growing rapidly in recent times.
In this regard, from a level of US$41.6 billion in 1995, Africa's reserves grew steadily to US$461 billion in 2008.
"Despite the sustained growth in the continent's foreign exchange reserves, many African countries continue to face balance of payment difficulties, especially during the present challenging times of global economic and financial crisis. Their trade, especially imports have been cut as a result

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