President Akufo-Addo is advocating for a partnership between African countries and the Arab world.
He believes this would increase trade and investment among the two blocs.
The President, therefore, stressed the need for the African Union (AU) to work assiduously to build a vibrant economic collaboration with the Arab world.
Speaking at the 50th anniversary commemoration of the engagement between Africa and Arab in Accra, President Akufo-Addo said the continent ought to be committed to breaking barriers for increased trade flows and investment opportunities since this was indispensable for the continent to unlock its development potentials.
“To address our development challenges, we need to strengthen partnership and leverage our collective strength,” he emphasised.
Ghana is hosting the event, which is designed to chart a course for further development and cooperation between the two regions.
It was put together by the Arab Bank for Economic Development in Africa (BADEA), the Presidency of Ghana and African Union (AU) Commission under the theme, “BADEA Prosperity Partnership: 50 Years of Africa-Arab Cooperation.”
The Arab Bank for Economic Development in Africa (BADEA) was established in 1974 as a means to strengthen economic, financial and technical cooperation between Arab and African countries.
It has played a pivotal role in fostering development, reducing poverty, and enhancing socio-economic ties across the African continent, envisioning a future where the two regions would build bridges of investment and trade flows.
Over the years, BADEA’s financial commitment to fostering development projects in Africa is estimated to be over US$13 billion.
President Nana Akufo-Addo, who is the Champion of AU Financial Institutions (AUFIs), was excited at the gains made through the collaborative efforts of the bank, citing the numerous projects undertaken in the area of infrastructural development, education, health and agriculture.
He emphasised the need for leaders to focus on the need to redouble efforts at ensuring access to quality education.
“By investing in human capital, we can create a more inclusive and prosperous future,” he noted.
Additionally, it is imperative to strengthen the African Continental Free Trade Area (AfCFTA) agenda with the necessary financial and political backing for the benefit of the continent.
The President was optimistic that BADEA’s 50th anniversary celebration, focusing 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 two regions.
Apart from that, he said it will foster new collaborations between Arab and African countries, international organisations, and development agencies.
The anniversary celebration is providing the platform for sharing knowledge, experiences and best practices in the field of economic development and cooperation.
It will augment discourse on the future challenges and opportunities and outline strategic priorities for BADEA in the coming decades.
African-Arab development cooperation is considered critical in this era, particularly at a time when most countries are reeling from the global economic and financial challenges.
Arab-Africa Financial Consortium
Chairman of the Board of Directors of the Arab Bank for Economic Development in Africa, Dr. Fahad Aldossari, has assured African leaders, heads of the continent’s financial institutions, and business leaders that the newly established Arab-Africa Financial Consortium (AAFC) will do everything within its mandate to ensure that it achieves its set objective of promoting Africa’s rapid development over the next 50 years.
Acknowledging the pivotal role played by the President of Ghana and African Union Champion of Financial Institutions, President Akufo-Addo, in the establishment of the Arab-Africa Financial Consortium, Dr. Fahad Aldossari pointed out that from now to 2074 (the next 50 years), BADEA will take immediate steps to institutionalise the AAFC by establishing a secretary to host and coordinate its activities.
On his part, President of BADEA, Dr. Sidi Ould Tah, said that the anniversary celebration would give prominence to deepening Africa-Arab cooperation, policy reforms, infrastructural development, trade facilitation, financial integration, capacity building, as well as advancing private sector engagement.
President of the African Development Bank Group, Dr. Akinwumi Adesina, also underscored the need to explore opportunities for value creation in doing business as this was important for the continent to be more competitive on the global market.
A key component of the anniversary activities relates to drawing on different perspectives on financial resources between Africa and the Arab regions by forging a new “Arab-Africa Financial Consortium (AAFC).”
The AAFC is designed to enhance economic development and cooperation in both regions, taking advantage of their collective financial strength.