Africa’s transformation beyond aid is a must – President

Africa

By Morkporkpor Anku/ Julius K. Satsi, GNA

Accra, Aug. 1, GNA – President Nana Addo
Dankwa Akufo-Addo on Thursday said Africa’s transformation Beyond Aid is a must
as “Africa is eager, Africa is willing”.

President Akufo-Addo was speaking at the
opening of the first leg of the African Caucus Meeting of World Bank and
International Monetary Fund (IMF) Governors in Accra.

The event was held under the theme: “Africa
Beyond Aid: Enhancing Institutional Capacity and Innovative Finance for
Sustainable Growth.”

The African Caucus was established in 1963,
as the “African Group,” with the objective of strengthening the voice of
African Governors in the Bretton Woods Institutions- the IMF and the World Bank
Group- on development issues of particular interest to Africa.

Membership to the Caucus is open to all
African Countries, who are members of the IMF and WBG, currently all the 54
countries on the African continent are members.

President Akufo-Addo said working together
with the people of Africa and with the educated, skilled and self-confident
Africa, an Africa Beyond Aid, “we can, and we should; let us get to work.”

He said, “Since assuming the reins of
Office, two and a half years ago, I have been advocating for a Ghana Beyond
Aid, because nobody needs to spell it out to us that the economic
transformation we desire will not come through aid”.

He said the truth is that even if there is
no aid fatigue; and with the best will in the world and the most charitable
government in place in the so-called donor countries, there would never be
enough aid to develop Ghana or Africa to the level desired.

“Aid is never meant to be what will bring us
to the status of a developed nation or continent,” he said.

President Akufo-Addo said despite the
peculiarities of the circumstances of African countries, there are a few
fundamental conditions that must be satisfied in order to accelerate the drive
to wealth and development and to realise the vision of an Africa Beyond Aid.

He said these fundamental conditions are a
self-reliant Africa, exploiting her immense resources to provide a dignified,
decent standard of living for the peoples.

President Akufo-Addo said to get to the
destination of Africa Beyond Aid, the continent would have to harness
effectively its own resources and deploy them creatively and efficiently for
rapid economic and social transformation.

“We need a lot of resources to generate the
prosperity we want in Africa,” he said.

President Akufo-Addo said whilst the continent
strives to do more to increase domestic revenue mobilization and leverage on
technology to strengthen the performance of their revenue institutions, they
must also take cognizance of how the revenue was spent and accounted for.

He said transparent budget and expenditure
management systems that allocate resources wisely to agreed national
priorities, that effectively monitors their implementation, were of the utmost
importance.

President Akufo-Addo said it is self-evident
that the future economy of Africa could not be the raw material producing and
exporting economy of the past.

“It has to be an economy based on
value-addition and industrial activities, if we are to create prosperity and
generate jobs for our peoples, especially for our youth,” he said.

He called for increased trade and investment
as this would be a significant boost to the continent efforts at
industrialization and agricultural modernization.

President Akufo-Addo said the prosperity
would also come from the free movement of skilled Africans, moving across the
continent to make better use of their talents and contributing to growth and
prosperity right in Africa, rather than in other continents.

Mr Ken Ofori-Atta, the Minister of Finance,
who is the Chairman of the African Caucus, said the theme for the event was
derived from the African Beyond Aid vision of President Akufo-Addo.

He said the President’s passionate and
compelling advocacy for Africa to manage its resources more efficiently and use
them to transform the region’s economies to create shared prosperity on the
continent, has resonated among Africans including the Governors.

Mr Ofori-Atta said over the next two days,
the Governors would be discussing the programmes and institutions needed to
make Africa Beyond Aid a reality by focusing on how to mobilise the Bretton
Woods Institutions (the World Bank and IMF) to provide more effective support
to Africa in pursuit of the vision.

The Chairman said the meeting would
deliberate on topics such as Enhancing Human and Skills Development to
Accelerate Jobs and Economic; Strengthening Institutional Capacity; and Public
Financial Management to increase and effectively utilise Africa’s resources.

Other topics, he said, were Promoting
Innovative Finance for Private Sector-Led Growth and curbing Illicit Financial
Flows; Meeting Africa’s Development Financing Needs and Ensuring Debt Sustainability;
and Facilitating Economic Integration through Trade, by supporting the African
Continental Free Trade Area (AfCFTA).

GNA

Leave a Reply