Africa must depend on its own financial resources for sustainable development – Akufo-Addo
President Nana Addo Dankwa Akufo-Addo stressed the need for Africa to depend on its own financial resources for sustainable development.
According to the President, the continent should not rely on external development assistance for its development, but find ways to expand the capital base of regional financial institutions like the African Development Fund (ADF), to make them significant in the scheme of things.
President Akufo-Addo said this when African Development Bank (AfDB) President Dr. Akinwunmi Adesina called him on Wednesday at Jubilee House, Accra.
Dr. Adesina is on a one-day visit to Ghana ahead of the Bank’s 2022 Annual Meetings to be held in Accra from May 23-27.
The meetings, which will be attended by several African leaders, will be held on the theme: “Achieving climate resilience and a just energy transition for Africa”.
He will address the challenges of climate change and the continent’s energy transition, and advocate for sustained ADF replenishment and for the fund to be allowed to use its own funds to mobilize more resources for the African continent.
President Akufo-Addo stressed that the World Bank, which funds more activities in Africa, should not be at the forefront of the continent’s development.
“The assertion that the World Bank gives more money, finances more activities than regional financial institutions like ADF on the continent is not reassuring.
“I think we should be in the lead and the World Bank supporting, but not the other way around…and so that requires all of us to focus on how best to expand the capital base of the AfDB and the ADF for their give greater importance in terms of being able to raise funds in the global bond market so that we can play the leading role in financing our development,” he said.
The President called the idea of holding the conference outside the Ivorian capital, Abidjan, where the AfDB is based, laudable, saying it would give Ghana the necessary visibility.
He said holding the annual meetings in Ghana and having key African leaders in attendance would ensure that “an important argument is made for the need to mobilize more resources for the ADF.”
Dr Adesina expressed his gratitude to the Government of Ghana for agreeing to host the Annual Meetings and indicated the high level of confidence the bank had in the country.
The AfDB President said meetings this year, which will also mark the 50th anniversary of the African Development Fund, would be used to advocate for the continued renewal of the Fund which has so far provided funding of some $45 billion to low-income states on the continent.
He called on President Akufo-Addo to urge his counterparts attending the meeting to advocate for the Fund.
“Your personal advocacy on this and alongside that of other African leaders who would be present at the meetings would be absolutely essential,” he said.