At the invitation of the African Union and AfroChampions, President Akufo-Addo spoke on the ongoing financial turbulence at the Boma of Africa in his capacity as the African Union Champion of Financial Institutions.
He sternly admonished the meeting leaders to prioritize and concentrate on group efforts to increase Africa’s influence over the international economic system.
He voiced concern over the fact that smaller economies, many of which are in Africa, frequently experience the severe effects of global downturns despite having a minimal impact on their causes.
Smaller economies are not represented in the international mechanisms for resolving economic crises.
As a result, Africa has to increase its investment in its own financial crisis management tools and hasten the creation of a continental lender of last resort.
But even a whole continent cannot survive a full economic downturn on its own.
Global cooperation will continue to be the cornerstone of any approach to dealing with such situations.
As a result, President Akufo-Addo urged Africa to unite behind a single voice and strategy in order to have an impact on the decisions made in continental fora concerning crisis resolution.
Ghana has been a strong supporter of African Union regional initiatives like the common African vaccine passport (www.africacdc.org/trusted-vaccines & www.panabios.org), the AfCFTA Digital Corridor (www.afcfta.app), and its ProPer subsidiary platform in the same spirit of collective action at the continental level (www.properseals.org).
Distributed on behalf of The Presidency, Republic of Ghana by APO Group.