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Company News of Friday, August 2, 2019
Source: thebftonline.com
2019-08-02
President Akufo-Addo
President Nana Addo Dankwa Akufo-Addo called on African economies to develop plans that will use the continent's own resources for development and create jobs rather than aid.
Speaking at the meeting of finance ministers and governors of the World Bank and IMF central banks in Accra, on the theme "Africa Beyond Aid: Strengthening institutional capacity and innovative financing for sustainable growth, "said the president tending to pull the continent out of poverty, it is imperative that leaders harness their country's resources for industrialization.
"Despite the peculiarities of the situation in African countries, some basic conditions must be met to accelerate our quest for wealth and development and to realize the vision of an Africa beyond aid, that is, to say an autonomous Africa. to exploit its immense resources to offer a decent and decent standard of living to the mbades of its peoples.
"To reach this destination, we will need to use our own resources effectively and deploy them creatively and effectively for rapid economic and social transformation," he said.
The president also lamented that even though it is estimated that 30% of the Earth's remaining minerals are on the continent, poverty still remains. He therefore advised countries to improve their situation by moving to production rather than the current practice of exporting resources in the raw state.
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"The future economy of Africa can not be the economy of the past producing and exporting raw materials. If we want to create prosperity and create jobs for our citizens, especially our young people, we must create an economy based on value added and industrial activities. Our economies must be anchored in what we manufacture to be able to trade at the top of the global value chain, "he said.
Finance Minister Ken Ofori-Atta also said that although the continent was growing, its impact on job creation and prosperity had been low – hence the need for the Caucus to propose solutions to remedy this unpleasant situation.
"Although growth has picked up in Africa, the pace is not high enough. It is not enough to provide decent jobs for our burgeoning youth population and encourage them to stay on the continent and put their talents to work instead of risking their lives on perilous journeys across the Sahara and beyond. Mediterranean towards Europe. And this level of growth is not enough to generate the prosperity our people need and to engender the respect that Africa deserves in the world.
"The Finance Ministers and Central Bank Governors meeting here in Accra will work diligently to deliver Africa Beyond Aid, proposing a common position to put the continent's critical development needs firmly at the center of the strategy and operations. the two Bretton Woods institutions, so that they can more effectively support accelerated growth, transformation and job creation in Africa, "he said.
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