President Nana Addo Dankwa Akufo-Addo has called on the African Union (AU) to work towards breaking the barriers that hinder trade and investment inflow to the continent.
He said the barriers included economic constraints, policy and regulatory challenges, insufficient infrastructure, weak economic collaborations, and inadequate support for the African Continental Free Trade Area (AfCFTA).
The President said it was imperative for Africa to deal with such barriers if it wanted to take charge of its development agenda.
“The continent ought to be committed to breaking the barriers for increased trade inflows and investment opportunities since they are indispensable to unlocking its development potential,” he said.
President Akufo-Addo made the call at a breakfast meeting held in Accra on Sunday as part of the commemoration of the 50th anniversary of the Arab Bank for Economic Development in Africa (BADEA) during the 6th African Union (AU) Mid-Year Coordination Meeting.
It was under the auspices of the Africa Prosperity Network (APN), the Presidency of Ghana and the African Union and provided the platform for the Union to build stronger economic collaboration with the Arab world.
Held on the theme ‘BADEA Prosperity Partnership: 50 Years of Africa-Arab Cooperation’, it was attended by captains of industry, business moguls, development experts and high-profile political actors.
President Akufo-Addo said the continent must strengthen its partnership with the Arab World and leverage its collective strength to address the development challenges confronting Africa.
“The African Union must work assiduously to build a vibrant economic collaboration with the Arab world,” he said.
He said he was excited with the gains made through the collaborative efforts of the Bank and the continent, especially in the areas of infrastructural development, education, health and agriculture development.
President Akufo-Addo, who is the AU Champion of Financial Institutions, noted that one critical area the continent’s leaders must focus on was ensuring access to quality education, emphasising that, “By investing in human capital, we can create a more inclusive and prosperous future”.
He said it was imperative to strengthen the AfCFTA agenda with the necessary financial and political backing for the benefit of the continent.
President Akufo-Addo said he was optimistic that the BADEA’s 50th anniversary celebration, which focused on the impact of projects on economic growth and social development in African countries, would enhance discussions on working to achieve the development goals of the Arab world and Africa.
The chairman of the Board of Directors of BADEA, Dr Fahad Aldossari, assured African leaders, heads of the continent’s financial institutions, and business leaders that the newly-established Arab-Africa Financial Consortium (AAFC) would do everything within its mandate to ensure that it achieved its set objective of promoting Africa’s rapid development over the next 50 years.
He explained that over the next 50 years, BADEA would take immediate steps to institutionalise the AAFC by establishing a secretariat to host and coordinate its activities.
The President of BADEA, Dr Sidi Ould Tah, explained that the anniversary celebration would give prominence to deepening Africa-Arab cooperation, policy reforms, infrastructural development, trade facilitation, financial integration, capacity building and advancing private sector engagement.
BY CLIFF EKUFUL
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