His Excellency, President Nana Addo Dankwa Akufo -Addo has emphasized the need for innovative financing and the establishment of African Union financial institutions to support the second decade of Agenda 2063. He emphasized that inefficiencies and inadequate resource utilization are caused by the current fragmented financial landscape.
“Despite the recommendation and call to action, we have struggled to curb effectively these flows, the persistence of illicit financial flow undermines our ability to finance development projects, weakens governance structures and perpetuates inequality”, he stated.
President Akuffo -Addo made the remarks at the opening of the 6th African Union (AU) Mid-Year Coordination Meeting held on 21st July 2024 at the Accra International Conference Centre.
The meeting which brought together heads of states from the continent was on the theme” Educate an African fit for the 21st century: Building Resilient Education Systems for Increased Access to Inclusive and Lifelong Quality and Relevant Learning in Africa”.
President Akufo- Addo called for the creation of three African financial institutions namely, the African Monetary Fund, the African Investment Bank, and the African Central Bank. According to him, the establishment of these institutions is essential to achieving the economic integration and financial stability required for Agenda 2063 to be successfully implemented.
He said this would allow African banks to support major development projects and create a financial ecosystem that is stronger and less dependent on financial institutions.
“I am hopeful that the EU Commission will complete soon, its evaluation of the proposal, so that action can be taken on it as quickly as possible”, he said.
President Akufo -Addo noted that it was imperative for countries on the continent to strengthen their legal and regulatory frameworks and enhance international cooperation to combat illicit activities.
Source: MOI (PR Unit)
