President Nana Addo Dankwa Akufo-Addo says the African Union (AU) should work assiduously to build a vibrant economic collaboration with the Arab world.
The continent, he said, ought to be committed to breaking barriers for increased trade flows and investment opportunities because that was indispensable as the continent sought to unlock its development potentials.
‘To address our development challenges, we need to strengthen partnership and leverage our collective strength,’ the President stated in his address at the commemoration of the 50th anniversary of engagement between Africa and Arab worlds, in Accra.
Ghana is hosting the event, which is designed to chart the course for further development and cooperation between the two regions.
It is being organised under the auspices of the Arab Bank for Economic Development in Africa’s (BADEA), the Presidency of Ghana and African Union (AU) Commission.
‘BADEA Prosperity Partnership: 50 Years of Africa-Arab Cooperation’, is the theme for the celebration.
The
Bank 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.
One critical area the leaders should focus on was the need to redouble efforts at ensuring access to quality education, he advocated.
‘By investing in human capital, we can create a more inclusive and prosperous future,’ he noted.
Additionall
y, 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 the 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.
Additionally, 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 econ
omic and financial challenges.
Dr Sidi Ould Tah, the President of BADEA, stated 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.
Dr Akinwumi Adesina, President of the African Development Bank Group, underscored the need to explore opportunities for value creation in doing business as that 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.
Source: Ghana News Agency