President Nana Addo Dankwa Akufo-Addo says countries in Africa have suffered the most from the global economic downturn although they contributed the least to the causes.
Speaking at the Boma of Africa in his capacity as the African Union (AU) Champion of Financial Institutions at the Boma of Africa Conference over the weekend, the President expressed concern over the difficulties smaller nations in Africa were going through.
He, however, stressed the need for African countries to prioritise and focus on collective actions to strengthen Africa’s influence in the global economic order.
“The international instruments for resolving these crises lack input from smaller economies. Africa therefore needs to invest more in its own instruments for financial crisis management and speed up the emergence of a continental lender of last resort.”
“But even a whole continent cannot alone withstand the full onslaught of a global economic nosedive. Global cooperation will remain at the base of any strategy for addressing crises of such nature,” he said.
President Akufo-Addo called on Africans to work together on a unified voice and approach to influence the decisions taken at international forums on crisis resolution.
The Boma of Africa festival was a series of conferences to drive the African integration agenda through a strategic high-level engagement between the continental governance institutions, represented by the AU Commission, and the African private sector, represented by the AU’s strategic partner, AfroChampions
This year’s conference was on the theme “How far with the African Century?” This thematic focus explored the global shifts and continental developments shaping Africa’s quest to become a powerful global force for good by 2063.
BY YAW KYEI