Ghana to benefit from IEA Fund for Africa

President Uhuru speaking at the meeting.

President Uhuru speaking at the meeting.

The Rockefeller Foundation, a philanthropic organisation based in the United States of America has donated $500,000 seed money for the Inclusive Economic Accelerated (IEA) Fund for Africa.

The fund is meant to provide support for innovations designed to accelerate the development of an inclusive economic agenda.

This was announced by the foundation during the African Forum on Inclusive Economies held in Nairobi, Kenya on Monday.

Ghana, South Africa and Kenya are the initial beneficiaries of the fund that African Development Bank and Microsoft have also shown commitment to contribute to it, a press statement has said.

The Rockefeller Foundation, the African Development Bank (ADB) and the United Nations Economic Commission for Africa convened the forum for policy makers to discuss economic inclusion on the African continent.

It was also meant to enable policy makers from 23 African countries to help develop a common understanding on inclusive economies within the African context and also find new ideas toward the advancement of inclusive economies’ approaches with key African institutions and influ-encers.

According to the statement, Kenya’s President Uhuru Kenya-tta, who opened the forum noted that “the most significant challenge facing Africa is inequality”, and called on African leaders to focus much attention on youth development on the continent.

He urged African governments to break down regional barriers to trade “as 54 individual countries may face limited opportunities, but through regional bodies barriers to inclusion can be broken”.

The Vice President of Rocke-feller Foundation, Zia Khan, remarked that inclusive economies had the potential of creating new growth opportunities for economies in Africa and the world at large.

The President of the ADB, Dr Donald Kaberuka, said inclusive growth was the cornerstone of his outfit’s 2013-2022 development strategy.

The Managing Director of Rockefeller Foundation Africa Regional Office, Mamadou Biteye said the fund would build “on the foundation’s philanthropic tradition of catalysing funding to surface and support scalable innovations”.

“It will help to promote inclusivity by actively seeking out grantees that have scalable solutions to achieve both social and economic impact, and support research that can inform efforts to make African economies more inclusive,” he added.

By Times Reporter      

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