On the fifth anniversary celebration of the Council on Overseas Relations Ghana, President Nana Addo Dankwa Akufo-Addo delivered a strong speech emphasizing the necessity for Africa to prioritize financial self-sufficiency and cut back dependency on exterior support.
Talking on the theme “The Limits of the Present Improvement Co-operation Framework for Africa’s Transformation,” the President outlined the constraints of the present improvement cooperation framework and proposed methods for reaching sustainable improvement throughout the continent.
President Akufo-Addo expressed concern about Africa’s continued reliance on exterior support, which he described as a big barrier to the continent’s progress. “While support has helped meet some quick wants and supported varied improvement tasks, it has additionally created a dependency syndrome that undermines home possession and self-reliance,” he said.
To beat this problem, the President referred to as for a give attention to methods that stimulate financial self-sufficiency. He highlighted the significance of amplifying home useful resource mobilization, nurturing entrepreneurship, and creating an enabling setting for indigenous personal sector funding. These measures, he argued, would assist construct resilient economies and cut back Africa’s dependence on exterior support, paving the way in which for sustainable improvement.
In his speech, President Akufo-Addo additionally addressed the problem of fragmented support efforts, which he stated usually result in inefficiencies and duplication. He advocated for larger harmonization and alignment of support efforts with nationwide improvement priorities, urging improvement companions to work collaboratively with African governments to make sure that support, if requested and granted, is delivered in a coordinated and coherent method.
Moreover, the President underscored the significance of structural transformation for Africa’s economies. He identified that whereas short-term tasks and interventions are vital for quick wants, they don’t essentially result in long-term, sustainable improvement. To realize Africa’s transformation, President Akufo-Addo referred to as for a shift in the direction of long-term funding in crucial sectors corresponding to agriculture, training, healthcare, infrastructure, and industrialization.
The President cited his authorities’s flagship One-District-One-Manufacturing unit (1D1F) initiative for example of a coverage aimed toward addressing the foundation causes of underdevelopment and championing inclusive progress. He careworn that by prioritizing structural transformation, Africa can construct resilient economies able to withstanding exterior shocks and driving sustainable improvement.
In conclusion, President Akufo-Addo referred to as for a brand new paradigm in improvement cooperation, one that’s centered on partnership, mutual accountability, sustainability, and native possession. He emphasised that African international locations should take the lead in defining their improvement priorities, with improvement companions supporting these efforts in a collaborative and respectful method.
Distributed by APO Group on behalf of The Presidency, Republic of Ghana.