Friday, July 1, 2022
  • Home
  • About
    • Editorial Guidelines – Accuracy
    • Trust and transparency
  • Advertise
  • Login
  • Register
Ghana News - GhStandard
  • Home
    • General
    • Social
    • Religion
    • Education
    • Health
    • Environment
    • Science
  • Breaking
    • Latest News
    • Trending News
  • Politics
    • Opinions
    • Speeches
    • Profiles
  • Sports
  • Crime
    • Legal
  • Business
    • Economy News
    • Real Estate
    • Ghana – Economy
    • Finance News
    • List of Businesses
    • Life in Ghana
    • Faith and Business
    • Digital Marketing
  • Entertainment
    • Music Related
    • Movies
  • Lifestyle
    • Fashion News
    • Food Related
    • Travel News
  • Features
    • Profiles
    • Press Release
    • Obituary
  • World
No Result
View All Result
  • Home
    • General
    • Social
    • Religion
    • Education
    • Health
    • Environment
    • Science
  • Breaking
    • Latest News
    • Trending News
  • Politics
    • Opinions
    • Speeches
    • Profiles
  • Sports
  • Crime
    • Legal
  • Business
    • Economy News
    • Real Estate
    • Ghana – Economy
    • Finance News
    • List of Businesses
    • Life in Ghana
    • Faith and Business
    • Digital Marketing
  • Entertainment
    • Music Related
    • Movies
  • Lifestyle
    • Fashion News
    • Food Related
    • Travel News
  • Features
    • Profiles
    • Press Release
    • Obituary
  • World
No Result
View All Result
The Ghanaian Standard
No Result
View All Result
Home Economy

Time to reduce dependence on foreign aid – President to African policymakers

The Ghanaian Standard by The Ghanaian Standard
May 19, 2022
in Economy
Reading Time: 4 mins read
A A
Time to reduce dependence on foreign aid - President to African policymakers
ShareTweetSend

President Nana Addo Dankwa Akufo-Addo Wednesday called on African researchers and policymakers to scale up policies that would reduce the Continent’s dependence on foreign aid.

They should pursue a path of self-respect and take actionable steps to create the enabling environment to build prosperity and development to make Africa rich and resilient.

“The time to pursue a path of prosperity and self-respect for the African Continent is now,” he said at the opening of the 22nd Academy of African Business and Development (AABD) Conference, at the University of Professional Studies, Accra.

ADVERTISEMENT

The six-day conference, on the theme: “Sustainable Development Beyond Aid: The Focus for Africa,” is being attended by researchers, business practitioners, consultants, community leaders, and policymakers.

The AABD annual conferences aim at facilitating multidisciplinary research by stimulating collaborations between Africa based researchers and professionals and their counterparts around the world, by broadening and deepening global understanding of various issues relevant to Africa’s business and development, as well as advancing solutions to some of her challenges.

President Akufo-Addo said the concept of “Africa beyond Aid” was about acknowledging development in a sustainable manner, ‘taking the bull by the horns, and take responsibility for sustainable growth while perceiving fellow African countries as key stakeholders in development.

Africa must chart the path of self-dependence and her countries must engage with each other competitively through trade and investments and cooperate for enhanced regional and global peace and security, he said.

The Continent ought to move more towards the efficient and effective mobilisation and use of resources to grow out of the dependence on aid rather than a rejection of aid, he stressed.

ADVERTISEMENT

“We seem to have missed out on many opportunities to make Africa the continent she deserves to be, rich and resilient. But it is not too late to right the wrongs, it is time to catch them now.”

“It is time to create the future we want for our continent, and it is time to start building that future inspired by the imperative to transform our economy from raw material producing and exporting economies to value adding industrial economies.”

The President, thus, urged the conference to ensure its deliberations helped Africa’s quest to get to the point beyond aid.

The proceedings of the meeting, he implored, should contain actionable proposals for consideration.

He urged participants to also focus attention on the IMF’s unprecedented Special Drawing Rights reallocation, for which Africa shared some 30 billion dollars, much less than the 100 billion dollars promised in the 2019 Paris Summit, intended to provide additional financial resources to address the vast surging inequities the pandemic has revealed.

President Akufo-Addo asked the conference to articulate policies that would help strengthen African financial institutions like the African Development Bank, AfriExim Bank, and the Africa Finance Corporation, to enable them to take over greater responsibility for the financing of Africa’s development.

They should advocate debt cancellation for African countries to provide a sound foundation for the continent’s future progress.

The President asked the meeting to propose measures to help significantly increase Africa’s capacity for domestic revenue mobilisation to finance its development potential, create opportunities for the Continent’s vibrant and dynamic youth, and develop and deliver improved livelihoods for the people.

They should re-evaluate the role of foreign credit rating agencies, which acted as gatekeepers to global capital markets and their modus operandi, including the fixing of the so-called Africa risk premium.

Additionally, participants must examine the measures available to Africa to check the illicit outflow of capital from the Continent, which is currently estimated around 100 billion dollars per year.

The conference should also place the development of Africa at the centre of the preoccupations of the African diaspora, President Akufo-Addo said.

The conference is expected to deliberate on issues relating to over 14 thematic areas: Accounting, Finance, and Investment; International Aid, Economic Policies and Strategies; Entrepreneurship, Small Business and the Informal Sector Exporting, Internationalisation and Foreign Direct Investment; Information and Communication Technology, Digital Transformation; and COVID-19 and Business in Africa.

SimilarNews

President commissions state-of-the-art infant cereal plant

President commissions state-of-the-art infant cereal plant

June 9, 2022
President Akufo-Addo to kickstart the Green Ghana campaign on June 10

President Akufo-Addo to kickstart the Green Ghana campaign on June 10

June 9, 2022
President Akufo-Addo embarks on a day's trip to Lagos

President Akufo-Addo embarks on a day’s trip to Lagos

June 8, 2022
Speed up work on Tarkwa-Agona Nkwanta road-MCE appeals to Govt

Speed up work on Tarkwa-Agona Nkwanta road-MCE appeals to Govt

June 7, 2022
Staff of Presidency now 995 – Annual report

Staff of Presidency now 995 – Annual report

June 6, 2022
There is no dignity in begging for food - Dr Adesina

There is no dignity in begging for food – Dr Adesina

May 26, 2022
ADVERTISEMENT
Source: Ghana News Agency
Tags: 2019 Paris Summitforeign aidPresident Akufo-AddoUniversity of Professional Studies

Get real time update about this post categories directly on your device, subscribe now.

Unsubscribe
ADVERTISEMENT

Similar Topic

Prof. Alex Dodoo sworn in as President of African Organisation for Standardisation

Prof. Alex Dodoo sworn in as President of African Organisation for Standardisation

July 1, 2022
Minority raises concerns over govt's alleged transfer of Ameri Power plant

Minority raises concerns over Govt’s alleged transfer of Ameri Power plant

June 30, 2022
Government’s digitization drive is key to harnessing human resources-Veep

Government’s digitization drive is key to harnessing human resources – Vice President

June 29, 2022
Economic Retirement Entrepreneur

Kyerematen urges workers to develop entrepreneurial mindset.

June 29, 2022
Mr Kojo Appiah-Annin, the Board Chairman of Fiaseman Rural Bank Limited

Fiaseman Rural Bank Limited posts impressive performance

June 29, 2022
Trade minister outlines factors for recent price hikes in cement

Trade minister outlines factors for recent price hikes in cement

June 29, 2022
Social media users jubilate over E-levy flop

Twitter users mock Government over E-levy failure

June 28, 2022
Prince Mba calls for unity to solve food crisis

Forum for Equity calls for unity to solve food crisis

June 28, 2022
Women in Entrepreneurship Awards nominations unveiled

Women in Entrepreneurship Awards nominations unveiled

June 28, 2022
Development Bank Ghana to mirror KfW’s successful banking model for SMEs benefit

Development Bank Ghana to mirror KfW’s successful banking model for SMEs benefit

June 28, 2022
Please login to join discussion
ADVERTISEMENT

Latest News

Concerned CPP executives ask Chairperson to step aside

GUBA leads Ghana Post to meet the leadership of Royal Mail UK

Limit consumption of bush meat to avoid monkeypox infection

R. Kelly jailed 30 years for sex abuse

Arise Ghana petitions Gov’t to cancel E-Levy, Agyapa, reduce inflation

Akatsi Municipal hospital records seven TB deaths in 2021

We need to look inward to ensure food security

African Court: African leaders reaffirm their commitment to justice

ISEES launches digital matchmaking platform for actors in biogas and bioenergy sector

No Ghanaian player in CAF’s 30-man Player of the Year shortlist

Prev Next
ADVERTISEMENT

Trending News

20 Most Profitable Business Ideas in Ghana 2022

Ghana Braids: 25 Lovely Ghana Weaving Hairstyles

DMV Party in the Park: Samini, Wande Coal billed to thrill patrons

Showmax: Efia Odo, Sista Afia, and more open up their lives in new reality tv show, GH Queens

Ghana launches bank-wide mobile money service, GhanaPay

Israel’s Parliament dissolves, paving way for another election

Dishonesty: A new Core Subject in many Ghanaian Schools

R. Kelly jailed 30 years for sex abuse

Arise Ghana petitions Gov’t to cancel E-Levy, Agyapa, reduce inflation

Activities of rogue websites, social media scammers great challenge to credibility of examinations – WAEC

Prev Next
ADVERTISEMENT

Most Read

20 Most Profitable Business Ideas in Ghana 2022

New DStv Ghana Packages & Prices

Hisense Ghana: Showrooms, New Prices & Promotions

GOtv Ghana Packages, List of Channels & Prices

Ghana Braids: 25 Lovely Ghana Weaving Hairstyles

DMV Party in the Park: Samini, Wande Coal billed to thrill patrons

Private SHS (Category F & G Schools) in Ghana

Showmax: Efia Odo, Sista Afia, and more open up their lives in new reality tv show, GH Queens

Ghana launches bank-wide mobile money service, GhanaPay

Best SHS in Ghana – 2019 WASSCE Ranking

Prev Next
ADVERTISEMENT

Editor's Pick

Top 100 Best Hospitals in Ghana – 2021 (According to Survey)

Nursing Schools in Ghana 2022

Top 10 Business Opportunities in Ghana

50 Profitable Online Business Ideas for Beginners [2022]

Bank Charges in Ghana: Full Survey of Bank Charges – 2021

LIVE: GPL Table 2022 – Ghana Premier League table 2022

Best Universities in West Africa 2022

Full List of Accredited Tertiary Institutions in Ghana

Best Banks in Ghana: Based on Financial Performance (2021)

Ghana Cedi Exchange Rate

Colleges of Education in Ghana

Accredited Universities in Nigeria

The Best Universities in Ghana – 2021 Ranking

10 Best Universities in Africa

Prev Next
The Ghanaian Standard

The Ghanaian Standard brings you accurate Breaking News, Trends & Top Stories in Business, Politics, Lifestyle, Technology, and more from Ghana, Nigeria, Africa, and across the globe.

GhStandard.com - News made for discerning minds ...

Google News - The Ghanaian Standard, Ghana News
  • About
  • Contact
  • Advertise

© 2021 The Ghanaian Standard - Breaking News & Top Stories in Ghana, Africa, Business, & More | Powered by YellGh - Designed by EnspireFX.

No Result
View All Result
  • Home
    • General
    • Education
    • Health
    • Social
    • Religion
    • Tech
  • Breaking News
    • Latest
    • Trending
  • Politics
    • Opinions
    • Speech
  • Sports
  • Crime
    • Legal
  • Business
    • Economy
    • Finance
    • Finance & Investment
  • Sports
  • International
    • Cameroon
    • Cape Verde
    • DR Congo
    • Guyana
    • Kenya
    • Nigeria
    • South Africa
    • Qatar
  • Entertainment
    • Movies
    • Music
  • Lifestyle
    • Fashion
    • Food Related
    • Travel
  • Feature
    • Press Release
    • Profiles
    • Obituary
  • Editorial
    • Ethics and Guidelines
    • Trust and Transparency
HTML tutorial

© 2021 The Ghanaian Standard - Breaking News & Top Stories in Ghana, Africa, Business, & More | Powered by YellGh - Designed by EnspireFX.

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In