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Time To Turn African Risk into Opportunity Now - Ken Ofori-Atta Tells ATI

Accra, Thursday 23rd June 2022 - Ken Ofori-Atta, Minister of Finance, has encouraged the African Trade Insurance Agency (ATI) to help Africa transform its gamble into an amazing open door.

"To be sure, ATI, through its administration portfolio and item contributions, should assume a focal part in supporting the Continent's monetary turn of events. At any rate, we should cooperate to eliminate the unreasonable and "saw" peril of venture potential open doors on the Continent contrasted with those in the West" he upheld.

He settled on this decision when he tended to a social event of the ATI's part nations and foundations, government authorities and players in the monetary market at the 22nd Annual General Meeting of the African Trade Insurance Agency in Accra.

The ATI was made in 2001 as a political gamble supplier and since its origin, it has turned into a much pursued accomplice and keeps on overcoming any barrier in proposition from sovereigns, financial backers, loan bosses, and providers.

As per the Minister, the ATI story had reflected that of the African Continent for pretty much twenty years and made sense of additional that "in the midst of more prominent political and full scale monetary soundness, the 2000s addressed the period where Africa at last figured out how to shake off the profound "negativity" that had ruled the titles for the vast majority of the 80s and 90s. The numbers recommend that between 1980-2000, the typical GDP development on the Continent was a simple 1.8%. Between 2001-2021 in any case, that normal expanded especially to 4.1%.".

Toward the finish of 2021, that's what he revealed, ATI had USD 585 million in assets under administration, with 93% of the Agency's ventures A-evaluated by Moody's, S&P and Fitch and approached the Multilateral improvement Agency to "work with the advancement of exchange, speculation and other useful exercises across Africa".

Mr. Ofori-Atta featured one of ATI's critical commitments toward the beginning of the pandemic, when it gave an Agribusiness and Food Company in East Africa with an office that permitted the organization to offer wheat to seven African nations at serious rates for an exchange worth of USD 11 million, while likewise safeguarding the organization against non-installment risk.

Such help for invigorating food supply chains, he declared, should keep on being a component of ATI's exercises, especially with the operationalization of the African Continental Free Trade Area (AfCFTA), which makes a solitary market for merchandise and administrations.

Addressing the conflict in Ukraine, that's what he expressed, the mainland couldn't stand to be smug about making the right circumstances for food security and exchange development.

The Board Chairman of the ATI, Dr. Yohannes Ayalew Birru in his proclamation said that, the ATI was remaining on strong monetary and functional balance, regardless of phenomenal worldwide headwinds that took steps to dial back corporate and worldwide financial recuperation last year.

"ATI has outperformed the earlier year's presentation in every one of the region of its monetary evaluation, including gross composed premium and volumes of agreements endorsed" he uncovered.

Dr. Ayalew Birru proceeded to express that, ATI's Credit Ratings by both Standard and Poor's (S&P), and Moody's Rating were confirmed at A/Stable and that S&P had reaffirmed ATI's evaluating at "A"/Stable Outlook in April this year, while Moody's relegated A3/stable Outlook rating for both ATI's Counterparty and Insurer Financial Strength Ratings, in October last year.

These appraisals, the Board Chairman recognized, mirrored the critical extension of ATI's investor base, its strong record of Preferred Creditor Treatment (PCT), and the improvement of predominant gamble the executives abilities.

"We will keep on guaranteeing that the activities of the Board and those of the Management are administered by ATI's qualities and standards, and that this is supported at all levels inside the Organization", he underlined.

The Board Chair likewise recognized the African Development Bank (AfDB), the German Development Bank (KfW), German Development Agency (GIZ) and the European Investment Bank (EIB) for their obligation to giving funding to value money to a few African Member states.

These commitments, which included capital improvement for Benin, Ghana, Côte d'Ivoire and Madagascar, and new value for the enrollment of Cameroon, Senegal, and Togo, brought about a general expansion in ATI's value by 26%.

The Chief Executive Officer of the ATI, Manuel Moses additionally added that, the ATI's monetary outcomes for 2021 considered supported year improvement in our monetary pointers, in spite of the significant impacts of the COVID pandemic on organizations universally.

That's what he stated, "considering the new worldwide turns of events, including the Russia - Ukraine struggle, we stand prepared to shield our capital and to guarantee that our monetary presentation isn't unfavorably impacted".

As per Mr. Moses,the Agency had invested energy in the previous year to work on its authoritative effectiveness to counter outer shocks, and adapt to the development in its business, as it entered the third 10 years of our activities.

These included improving its computerized foundation with the end goal of improving guaranteeing and functional productivity, reinforcing staffing in basic regions, for example, corporate consistence and Environmental and Social Governance, building ability to assist with the execution of IFRS 17 Insurance Contract detailing and redoing Enterprise Risk Management Framework (ERM) as well as embracing another structure that better coordinates risk the executives inside the whole association.

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ATI African Trade Insurance Agency Finance Ken Ken Ofori-Atta


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