Akufo-Addo: We Are Not Disclaiming Aid

The President of Ghana, Nana Addo Danquah Akufo-Addo has decried Africa’s economic dependence on foreign aid, however, that, he said, does not mean aids are to be disclaimed.

Speaking at the opening ceremony of the 22nd Academy of African Business and Development (AABD) International Conference, the president said despite the riches of Africa, “the continent is dependent on the charitable spirit of less endowed countries from other continents for the survival of its economies and its peoples. African economic and foreign policies have been substantially defined by aid with most national budgets heavily dependent on it.

“We are not disclaiming aid but we do want to discard a mindset of dependency. It is, as we have seen, unhealthy for both the giver and the receiver”.

He noted that “I’m also convinced that to develop and do so sustainably, Africa must look inward. I’m by no means saying we should no longer take aid in Africa or that we should disregard what aid has done for us in the past. Neither am I saying that more advanced nations should seize honouring the aid commitments to African countries or that we should turn our backs on investments from other sides.

“I’m saying that African countries need to engage more closely, deeply, and competitively to trade, investment, political cooperation, and enhanced regional initiatives in peace and security. Together, African countries need to build our continent by building upon our strength and holding each other up then and only then can we grow organically by wielding greater negotiating power to develop the continent of Africa.

Speaking on the theme “Sustainable Development Beyond Aid: The Focus Of Africa”, President Akufo-Addo presented the African Continental Free Trade Area (AfCFTA) as a solution to Africa’s dependence on economic and foreign aids.

“The AfCFTA whose secretariat is here in Accra links 54 markets covering 1.2billion people with the combined GDP of some US$3trillion into a single market. It is the world’s largest free trade area outside of the World Trade Organisation (WTO) itself. By 2050 it will cover an estimated 2.5billion people and have over a quarter of the world’s working-age population.

“We must take advantage of this historic opportunity that the AfCFTA presents”, he said

Source: opemsuo.com/Hajara Fuseini