Help realize Africa's vision beyond aid – Akufo-Addo

General News of Thursday, August 1, 2019

Source: starrfm.com.gh

2019-08-01

President Nana Addo Dankwa Akufo-Addo has instructed finance ministers, central bank governors and African governors of the World Bank and the International Monetary Fund to contribute to the realization of the vision of an autonomous Africa that depends more on the receipt of help and charity.

Speaking at the meeting of the African governors of the World Bank and IMF on the African caucus, Thursday, August 1, 2019, President Akufo-Addo urged them to intensify their collaboration to enable them to mobilize even more resources for the development and transformation of Africa.

In order to realize Africa's vision beyond aid, the President told the badembly: "We will need to effectively leverage our own resources and deploy them in a creative and effective way for rapid economic and social transformation. We need a lot of resources to generate the prosperity we want in Africa. "

With 30% of the remaining mineral resources in Africa and the continent becoming a major player in global coal, oil and gas production, he lamented that most of these resources are exported in their raw form, adding that Africa does not get its fair share of the values ​​of these resources. "

President Akufo-Addo noted that this could be corrected by the transformation of African economies, which produced and exported raw materials, into value-added economies and industrial activities, ie economies based on what is manufactured and grown in Africa.

In this regard, the creation and the important role to be played by the African Continental Free Trade Area (AfCFTA) have, according to the President, badumed catalytic proportions.

It will be recalled that the West African Free Trade Agreement became operational this month after the AU Extraordinary Summit in Niamey, capital of the Republic of Niger. Fifty-four (54) of the fifty-five (55) African countries signed the agreement and 28 ratified it. It took twenty-two (22) ratifications for it to be operational.

Describing AfCFTA as a lever for change to move Africa to a situation beyond aid, President Akufo-Addo said that the intensification of trade and investment stemming from the free zone exchange greatly stimulates the continent's industrialization and agricultural modernization efforts.

"Prosperity will also come from the free movement of skilled Africans, crossing the continent to better use their talents, and contributing to growth and prosperity here in Africa rather than on other continents," he said. added.

"In terms of creating jobs for young Africans, the president said that it is the structural transformation of African economies that will create jobs for the teeming mbades of young Africans.

Africa is the youngest in the world, with a median age of 19.5 years. By 2050, the African population is expected to reach 2 billion, half of whom will be under 25 years of age, and we will have the largest workforce in the world at 25 percent, compared to 14 percent. in China and 7% in Europe. .

This, he explained, is both a challenge and an opportunity.

"This is an opportunity for a young and dynamic workforce to lead African economies and make the continent a driving force in the global economy," said President Akufo. -Addo.

He continued, "The challenge is to provide this growing population with education, skills, digital culture and dynamic economies that provide jobs and entrepreneurial opportunities."

In Ghana, the President told participants that, despite predictable constraints on the country's resources due to mismanagement, his government had made free education available in public schools, from kindergarten to upper secondary, including technical and vocational schools.

"This has resulted in a rapid and dramatic increase in high school enrollments over the last two school years, with access now available to many people previously excluded from poverty. But we know that this is only the beginning. We will focus on building world-clbad educational institutions that will produce academics, particularly scientists, engineers, technicians and agricultural experts, who will transform our economies and create remunerative jobs ", he added.

President Akufo-Addo told the group of African governors to feel privileged to be able to take on positions that will enable Africa to realize its possibilities, opportunities that, once realized, will a great impetus to the expansion of the global economy. and a substantial increase in the general and world standard of living.

"We should seize the opportunity. each of us in our different positions! Together, working with the African people and with our educated, competent, dynamic and growing young people, we can build a prosperous and confident Africa, an Africa beyond aid. We can and we should; So, let's get to work!