Africa’s transformation beyond aid is a must, President Nana Addo Dankwa Akufo-Addo has charged.
The President addressing the 2019 African Caucus Meeting in Accra said African countries can tap into their youthful and dynamic workforce to drive their economies, and make the continent a powerhouse in the global economy.
The annual Africa Caucus meeting brought together Finance Ministers and Central Bank Governors from various African Countries, as well as high-level officials of t the World Bank and the International Monetary Fund, IMF.
“Africans live in poverty in the midst of plenty; we remain poor despite our rich endowment of natural resources. Africa is also becoming an important player in the world production of coal, oil and gas.
Yet, most of these resources are exported in their raw form. And, even for that, Africa does not derive its fair share of the value of these resources,” he stated.
He noted further that: “Yes, we aim for an “Africa Beyond Aid”, but our journey towards that goal will be much faster with enhanced support from our Bretton Woods partners.”
The theme for this year’s meeting is: “Africa beyond Aid: Enhancing Institutional Capacity and Innovative Finance for Sustainable Growth.”
President Akufo-Addo also charged African countries to improve both road and telecommunication networks to ensure a successful implementation of the project.
Also addressing participants, Finance Minister, Ken Ofori-Atta was confident participants will use the two-day event to discuss solutions to some of the contemporary development challenges confronting Africa’s economies.