Accra, 23 June 2022 – The Vice President of the Republic of Ghana, His Excellency Alhaji Dr Mahamudu Bawumia, today presided over the opening ceremony of the 22nd Annual General Meeting (AGM) of the African Trade Insurance Agency (ATI) held in Accra, Ghana. During his address to ATI Shareholders and Development Partners, the Vice President acknowledged ATI’s interventions in complementing the efforts of African governments in sustaining growth and navigating economic shocks and uncertainty despite the Global COVID-19 Pandemic and recent macroeconomic shocks from volatile prices of commodities and inflation. The meeting was hosted by Honorable Ken Ofori-Atta, the Minister of Finance of the Republic of Ghana, and was attended by Shareholders and Development partners across the world.
ATI has been in operation for over 20 years – designing innovative financial products to harness Africa’s unique trade, investment and development opportunities. Today, the Nairobi-headquartered pan-African multilateral insurer has an important role to play in supporting Africa to position itself in a better place to take advantage of the economic recovery. This is done essentially by facilitating trade and investment finance to support economic activities and mitigate political and commercial risks associated with trade and investments in Africa. In 2021, ATI insured a total portfolio of trade and investments across Africa valued, at US$6.6 billion, and since its inception, it has supported over US$71 billion worth of investments and trade across the continent.
During the Annual General meeting, Mr. Manuel Moses, the CEO of ATI, in his message to Government and Institutional Shareholders, shared ATI’s 2021 positive financial performance despite the profound effects of the COVID-19 pandemic on businesses globally. ATI has shown great resilience and achieved growth in both its top line and bottom line positions as summarized in its FY2021 Financial Indicators below:
ATI continues to expand its continental footprint, thanks to support from its strategic development partners such as the African Development Bank (AfDB), the European Investment Bank (EIB) and the German Development Bank (KfW). More African countries are drawn to ATI’s Membership given the significant impact on ATI’s Activities across the continent. Moreover, through ATI’s Regional Liquidity Support Facility (RLSF), backed by KfW Development Bank and Norad, can help mitigate the negative impacts of climate change on the African continent. RLSF supports small and mid-scale renewable energy projects by protecting the independent power producers and renewable energy developers against the risk of delayed payments by public off-takers. ATI is also committed to supporting the implementation of AfCFTA with its products.
As ATI continues providing unique opportunities for investors in Africa, the Pan African insurer remains cognizant that African Nations present a rich and dynamic tapestry of culture and economic innovation, and remains proud to be a strategic development partner to this diverse continent.
Quote from H.E Alhaji Dr. Mahamudu Bawumia Vice – President of the Republic of Ghana,
“Ghana pledges its continued support to ATI, firstly because Ghana believes in ATI’s mission of transforming the continent into a prime trade and investment destination, and secondly because of the significant investments and economic activities that have been supported by ATI in Ghana.”
Quote from Hon. Ken Ofori-Atta, Minister for Finance of the Republic Of Ghana and Chairman of the AGM of ATI
“I wish to commend ATI for increasing its capacity across the continent to support both public and private sector transactions at a time when resources are becoming scarce. Here in Ghana, ATI has been very instrumental in supporting our development agenda. Through ATI’s support, the capacity and quality of our health sector has been greatly enhanced, and ATI’s intervention is also helping Ghana to maintain adequate foreign exchange reserves to meet external transactions and ease its balance of payments challenges.”
Quote from Dr. Yohnnes Birru, Chairman of the Board of Directors, ATI
“ATI is living up to its Pan-African mandate of facilitating the flow of financing for productive investments on the continent and as Board of Directors, our commitment remains to ensure that ATI’s operations reflect a high standard of corporate governance as well as accountability in the continent.”
Quote from Mr. Manuel Moses, Chief Executive Officer, ATI
“In the last two decades, we have defined our growth strategy in order to remain relevant in this fast paced environment by being innovative and client centered. I know I can count on our shareholders’ trust and commitment to support our growth ambitions.”
