Former President John Dramani Mahama has called for African nations to take charge of their financial destiny, emphasizing the need for self-reliance in financing development.
Speaking at the Heads of State and Government breakfast dialogue held at the African Union (AU) Commission headquarters on February 16, President Mahama stressed that Africa’s economic resilience is crucial, despite challenges, and that the continent has the potential to achieve significant growth.
“Africa must take bold steps to mobilize its own resources to drive growth and development,” President Mahama said. “We must strengthen our domestic resource mobilization, improve tax administration, combat illicit financial flows, and encourage tax compliance.”
“Africa must adjust its economic priorities and explore alternative partnerships to mitigate the impact of this funding disruption,” President Mahama urged. As the Champion on African Union Financial Institutions, President Mahama emphasized the importance of strengthening African multilateral financial institutions, such as the African Central Bank, African Investment Bank, African Monetary Fund, and Pan African Stock Exchange.
“This optimistic outlook highlights the inherent strength of our economies and the effectiveness of policy interventions,” President Mahama said.
“Notwithstanding these positive trends, we must confront the reality that our growth has not always been translated into significant improvements in per capita income. Structural transformation remains uneven with many economies still reliant on low productivity sectors,” he said as reported by Ghana Broadcasting Corporation.
The President’s call for self-reliance comes amid the withdrawal of funding support from the United States Agency for International Development (USAID), which has effects on critical sectors such as healthcare, education, and economic growth.
“It is our responsibility to strengthen our African multilateral financial institutions to effectively contribute to the transformation and realization of our agenda 2063,” he said.
The Director General of the World Trade Organization (WTO), Dr Ngozi Okonjo Iweala, who also delivered an address at the meeting, called on African leaders to reduce their appetite for borrowing and rather find 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 said.
The breakfast dialogue was attended by African Heads of State and Government, as well as representatives from the AU Commission and other international organizations.
A high level panel discussion on the topic, “mobilizing African Investment and Financing for implementing agenda 2063”, highlighted key strategies and approaches for mobilizing African finance for delivering on Agenda 2063 priorities.
Stay tuned for more updates on this developing story.
Michael Agbesi Kelly