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Ghanaian President John Dramani Mahama has painted a hopeful vision of an Africa that is integrated, prosperous, and peaceful.
Speaking at a high-profile breakfast dialogue during the African Union (AU) Summit in Addis Ababa, Ethiopia, Mahama stressed that this vision is achievable if African nations harness their resources, reform financial systems, and prioritize investments in their people.
The event, held under the theme “Africa at the Forefront: Mobilizing African Investment and Financing for Implementing Agenda 2063,” brought together key stakeholders from across the continent and beyond. Hosted by Mahama, who serves as the Champion on African Union Financial Institutions, the dialogue was organized by the Alliance of African Multilateral Financing Institutions, also known as the African Club.
In his keynote address, Mahama highlighted the resilience of Africa’s economies despite global challenges. He pointed to projections indicating a growth recovery to 3.7% in 2024 and 4.03% in 2025 as evidence of the continent’s potential. “This optimistic outlook highlights the inherent strength of our economies and the effectiveness of policy interventions,” he said.
However, Mahama cautioned that this growth has not always translated into meaningful improvements in per capita income or structural transformation. Many African economies, he noted, remain heavily reliant on low-productivity sectors, leaving them vulnerable to external shocks.
One of the most pressing challenges, according to Mahama, is the continent’s staggering financing gap of approximately $402 billion annually until 2030. “This financing gap is not merely a statistic,” he said. “It represents the unrealized potential of millions of Africans whose dreams for a better life depend on our ability to invest wisely in infrastructure, education, technology, and health.”
Mahama also drew attention to other obstacles, including climate change, geopolitical tensions, and the lingering effects of pandemics, which threaten to derail Africa’s progress. To address these challenges, he called for a multifaceted approach that includes mobilizing domestic resources, improving tax administration, and curbing illicit financial flows.
The former Ghanaian leader emphasized the critical role of African multilateral financial institutions in bridging the financing gap. He urged African nations to accelerate the establishment of key AU financial institutions, such as the African Central Bank, the African Investment Bank, the African Monetary Fund, and the Pan African Stock Exchange. These institutions, he argued, are essential for fostering investments and achieving the goals outlined in Agenda 2063.
“It is our responsibility to strengthen our African multilateral financial institutions to effectively contribute to the transformation and realization of our Agenda 2063,” Mahama stated.
Echoing Mahama’s sentiments, Dr. Ngozi Okonjo-Iweala, Director-General of the World Trade Organization (WTO), called on African leaders to reduce their reliance on borrowing and instead focus on innovative ways to attract and sustain investments. She suggested leveraging value addition to natural resources, tapping into pension funds for long-term capital, and exploring carbon pricing mechanisms as potential solutions.
The event also featured a high-level panel discussion on strategies for mobilizing African investment and financing to implement Agenda 2063. Panelists underscored the importance of collaboration, innovation, and good governance in driving sustainable development across the continent.
Mahama’s address resonated with many attendees, who viewed it as a timely reminder of the collective action needed to unlock Africa’s potential. As the continent continues to navigate complex challenges, his call for unity, resourcefulness, and strategic investment offers a roadmap for achieving the integrated, prosperous, and peaceful Africa he envisions.
The dialogue concluded with a renewed commitment from participants to work towards realizing Agenda 2063, with Mahama’s vision serving as a guiding light for the continent’s future.
News Ghana, Latest Updates and Breaking News of Ghana, News Ghana, https://newsghana.com.gh/mahama-calls-for-integrated-prosperous-and-peaceful-africa-at-au-summit/
