Dr Ngozi Okonjo-Iweala, the Director-General of the World Trade Organisation (WTO), has urged African leaders to look inward for funding opportunities to accelerate the continent’s socio-economic development.
She said the continent could raise funding through value addition to natural resources, tapping into pension funds to raise patient capital to fund development and also pricing carbon emissions with innovative ways.
Dr Okonjo-Iweala made the appeal in her address at the Heads of State and Government breakfast dialogue held at the AU Commission Headquarters, in Addis Ababa, Ethiopia.
The event, which was hosted by President John Dramani Mahama of Ghana, was on the theme: “Africa at the forefront: Mobilising African Investment and Financing for Implementing Agenda 2063”.
It was held on the sidelines of the AU Summit, under the auspices of the Alliance of African Multilateral Financing Institutions, also called the African Club.
Dr Okonjo-Iweala called on African leaders to reduce their appetite for borrowing and rather identify innovative ways to attract and sustain investments into the continent.
“We must take advantage of investment that comes to Africa and be able to sustain them for our own development,” she stated.
A high-level panel discussion on the topic, “Mobilising African Investment and Financing for Implementing agenda 2063”, highlighted key strategies and approaches for mobilising African finance for delivering on Agenda 2063 priorities. – GNA