President Akufo-Addo has underscored the need for Africa to consolidate its fragmented financial institutions to speed up the continent’s development efforts.
He said that consolidating the continent’s development funding instruments could create a more cohesive and effective financial framework that ensures resources are allocated where they are most needed.
The President said this at the Sixth Mid-Year Coordination Meeting of the African Union (AU), in Accra on Sunday.
The meeting aims to harmonise the AU’s policies with those of the Regional Economic Communities (RECs) and the Regional Mechanisms (RMs) and to deepen the Union’s integration agenda.
It will deliberate on pressing issues of economic integration, interregional trade, and operations
A host of African Heads of States and Governments, the heads of the regional economic communities, the heads of the regional mechanisms, and the members of the AU commission, as well as continental stakeholders are taking part in the meeting.
President Akufo-Addo told the gathering that the current situation where the continent’s financial landscape was fragmented, with numerous institutions and initiatives operating in divides, had resulted in inefficiencies, duplication of efforts and a suboptimal use of resources.
He stressed that consolidation of institutions and initiatives would not only streamline the continent’s efforts, but also improve its capacity to mobilize domestic and external resources efficiently.
“It will enable us to scale up our investments in key areas such as education, infrastructure, health care and technology, driving comprehensive and sustainable development across the continent.
“I therefore call for consolidation and implore our AU institutions to provide the technical and strategic recommendations as to how this can be done,” he said.
The President emphasized the importance of the African Central Bank, African investment bank, and African Monetary Fund in achieving a coordinated financial system.
He said the streamlining the activities of those institutions was vital to achieving the financial stability and economic integration necessary for the successful implementation of the AU’s agenda 2063, which aims for inclusive and sustainable socio-economic development over a 50-year period.
President Akufo-Addo stressed that the consolidation of Africa’s financial instruments would strengthen the continent’s position in the global financial system, and “enable us to negotiate from a position of strength and unity leveraging our collective resources and capacities to achieve our development goals”
“By integrating our financial systems, we will not only create a more robust and resilient African economy, but also improve the quality of life for our people through improved access to essential services and opportunities,” he said.
The President called on his counterparts and the African Union Commission to demonstrate the political and commitment to driving the integration of the continent’s financial systems for the economic development of Africa.
“We must ensure that the legal frameworks and the requisite financial resources are in place to support the establishment and functioning of these institutions.
“The establishment of these financial institutions is not merely an administrative exercise, it is a bold and visionary step towards a unified, prosperous, and self-reliant Africa.
“It will be a testament to our collective resolve to take control of our financial destiny and build a future that reflects the true potential of our continent,” he said.
The meeting will also address the pressing security issues in Sudan, the increase in terrorism, which has led to a multiplicity of unconstitutional changes of government, the ongoing struggles in the Horn of Africa and the continuing conflict in the Democratic Republic of Congo and make appropriate recommendations for the 2025 summit of the Union.
GNA