Akufo-Addo champions economic self-sufficiency for Africa’s transformation
Published:
2 months ago
Source:
3News
President Akufo-Addo
At the 5th anniversary celebration of the Council on Foreign Relations Ghana, President Akufo-Addo has emphasized the need for Africa to prioritize economic self-sufficiency and reduce dependency on external aid. Speaking on the theme "The Limits of the Current Development Co-operation Framework for Africa's Transformation," the President outlined the limitations of the existing development cooperation framework and proposed strategies for achieving sustainable development across the continent. President Akufo-Addo expressed concern about Africa's continued reliance on external aid, which he described as a significant barrier to the continent's progress. "Whilst aid has helped meet some immediate needs and supported various development projects, it has also created a dependency syndrome that undermines domestic ownership and self-reliance," he stated. To overcome this challenge, the President called for a focus on strategies that stimulate economic self-sufficiency. He highlighted the importance of amplifying domestic resource mobilization, nurturing entrepreneurship, and creating an enabling environment for indigenous private sector investment.