Creative resource deployment key to Africa Beyond Aid – Nana Addo

President Nana Addo Dankwa Akufo-Addo has said Africa will attain its vision of a continent Beyond Aid only when its resources are effectively harnessed and deployed creatively and efficiently for rapid economic and social transformation.

He stated that with Africa controlling 30 percent of the world’s remaining resources, the continent would only develop faster if it became self-reliant by leveraging and deriving its fair share of the values of its vast resources.

Addressing the opening of the African Caucus Meeting of African Governors of the World Bank and IMF in Accra, President Akufo-Addo noted that the continent had become an important player in the world production of coal, oil and gas, and must derive value for these resources through value addition and Industrial activities.

Africa, he said, must anchor its economies on things made and grown on the continent, and transforming themselves from raw material producing and exporting ones to economies based on value-addition, industrialization and the application of technology.

Speaking on the theme of the event, “Africa Beyond Aid: Enhancing Institutional Capacity and Innovative Financing for Sustainable Growth”, the President charged Finance Ministers, Central Bank Governors and African Governors of the World Bank and IMF to help realise the vision of a self-reliant Africa.

He called for increased collaboration amongst themselves to enable them to leverage even more resources for Africa’s development and transformation because “We need a lot of resources to generate the prosperity we want in Africa.”

Hopefully, the creation of the African Continental Free Trade Area (AfCFTA), President Akufo-Addo said, was a game-changer that would move Africa to a situation Beyond Aid.

He indicated that the increased trade and investments emanating from the free trade area presents a significant boost to the continent’s efforts at industrialization and agricultural modernization.

“The prosperity will also come from the free movement of skilled Africans, moving across the continent to make better use of their talents, and contributing to growth and prosperity right here in Africa, rather than in other continents,” he added.

President Akufo-Addo told the African Caucus of Governors to feel privileged that they were in positions that offered opportunities to take action to enable Africa realise her possibilities, possibilities which, when realised, will give a great impetus to the expansion of the world economy, and to a substantial increase to global, general living standards.

“We should seize the occasion; each one of us in our various positions! Together, working with the people of Africa, and with our educated, skilled, dynamic and growing youthful population, we can build a prosperous and self-confident Africa, an Africa Beyond Aid. We can, and we should; so, let us get to work!” he said.