By Bright Ntramah
President Akufo-Addo says shocks experienced by African countries, as a result of the impact of Covid-19 and the Russia-Ukraine War, could have been lessened if countries on the Continent traded more among themselves.
He said Africa needs to promote trade, engage more closely, deeply and competitively to enhance regional trade, peace and security.
The President said this can help Africa to wield greater bargaining power to develop the continent.
President Akufo-Addo was opening the annual Academy of African Business and Development at the University of Professional Studies in Accra.
Africa has been and continues to rely on international aid for its development. Though the volume of international aid received may be relatively small compared to its total annual expenditure, it represents a substantial part of the discretionary funds available to governments once statutory payments have been set aside.
International aid, therefore, is one of the key sources of funding for ongoing development projects in many nations.
Amidst the growing criticism of the negative effects of international aid to Africa, President Akufo-Addo proposed a Ghana Beyond Aid vision, an initiative by the government to depend less on the charity of others to cater for the needs of its people.
The conference themed, “Sustainable Development Beyond Aid: The Focus for Africa” calls for further consideration of this new orientation.
President Akufo-Addo said ”Africa must enhance efforts toward self-sufficiency”. This, he said, does not mean Aid is not good or Africa will turn its back to Aid, but more inter-regional trade must be encouraged.
The President said Africa must take advantage of the opportunities that AFCtA presents.
The President said Africa imports products including wheat and sunflower worth $4 billion from Russia. He wondered why countries on the Continent, with vast resources, are unable to harness and trade among themselves.
The Academy of African Business and Development is an annual conference attended by renowned Scholars and Practitioners with an interest in Africa.
