In his address at the 37th Ordinary Session of the Assembly of Heads of State of the African Union (AU), President Nana Addo Dankwa Akufo-Addo emphasized the imperative for Africa to bolster its financial and multilateral institutions to better support the continent’s developmental aspirations.
Under the thematic framework of “Establishing African Union Financial Institutions in the Context of Africa’s Agenda for Global Financial Architecture Reform,” President Akufo-Addo underscored the need for proactive measures to propel Africa’s economic growth.
He articulated a call for self-reliance, invoking the adage “God helps those who help themselves.” President Akufo-Addo urged African nations to cultivate internal support systems to drive development, emphasizing the importance of strategic investments and collaborative efforts within the continent.
Acknowledging the prevailing challenges within the global financial landscape, President Akufo-Addo proposed concrete steps to fortify Africa’s financial resilience. He advocated for the allocation of a minimum of 30% of sovereign reserves to be invested in African multilateral institutions such as the African Development Bank (AfDB) and the African Export-Import Bank (Afreximbank). Strengthening these institutions, he argued, would enhance their capacity to mobilize resources for Africa’s development agenda.
Moreover, President Akufo-Addo proposed the establishment of an annual economic summit for African leaders. This initiative aims to streamline strategic discussions on key economic matters affecting the continent, thereby reducing the need for extensive international travel for bilateral engagements.
In essence, President Akufo-Addo’s address underscored the importance of fostering intra-African collaboration, promoting financial autonomy, and establishing robust institutional frameworks to drive Africa’s socio-economic transformation.