logo
Mahama hosts Heads of State Dialogue on financing African investments

Mahama hosts Heads of State Dialogue on financing African investments

Zawya17-02-2025

President John Dramani Mahama has urged African nations to enhance domestic resource mobilisation to reduce reliance on external funding and to foster sustainable economic growth.
Speaking at a 'Heads of State and Government Breakfast Dialogue' during the African Union (AU) Summit, Mahama emphasised the continent's resilience in the face of ongoing challenges, forecasting a growth recovery of 3.7 per cent in 2024 and 4.03 per cent in 2025.
'This optimistic outlook underscores the robust nature of our economies and the success of our policy interventions,' stated President Mahama, the African Union's Champion for Financial Institutions. The dialogue was on the theme, 'Africa at the Forefront: Mobilizing African Investment and Financing for Implementing Agenda 2063.'
President Mahama hosted the event, organised in partnership with the Alliance of African Multilateral Financing Institutions (AAMFI)— often referred to as the African Club—and gathered esteemed officials from various multilateral organisations.
Notable attendees included Professor Benedict Oramah, Chairperson of the AAMFI and President of Afreximbank; Dr Ngozi Okonjo-Iweala, Director General of the World Trade Organization (WTO); and Dr Donald Kaberuku, African Union High Representative for Financing of the Union and the Peace Fund.
President Mahama warned of significant hurdles facing the continent despite the encouraging economic forecast. 'While we see positive trends, we must acknowledge that our growth hasn't consistently translated into improved per capita incomes. Structural transformation remains uneven, with many economies reliant on low-productivity sectors,' he noted.
He emphasised the urgency of addressing a challenging financing gap estimated at approximately $402 billion annually until 2030.
'This gap is more than just a figure; it signifies the unrealised aspirations of countless Africans whose hopes for a better future hinge on our capacity to invest wisely in crucial areas like infrastructure, education, technology, and health.'
In addition to financial constraints, Mahama pointed out other challenges, including climate issues, geopolitical tensions, and potential disruptions from diseases and pandemics. He stressed the importance of strategic investments in critical sectors and acknowledged the substantial financing gap needed to support these initiatives.
To bridge this gap, Mahama proposed a multifaceted strategy that encompasses strengthening domestic resource mobilization, improving tax administration, and mitigating illicit financial flows. He underscored the vital role of African multilateral financial institutions in supporting sustainable development and urged strengthening their capacity to advance Africa's Agenda 2063.
'The establishment of institutions like the African Central Bank, African Investment Bank, African Monetary Fund, and the Pan African Stock Exchange is crucial for fostering necessary investments,' he stated.
'It is imperative for African countries to expedite the rollout of these institutions and leverage our collective strengths to fill the financing and investment voids.'
The president also envisioned a unified, prosperous, and peaceful Africa, affirming that such a vision is attainable if African nations effectively mobilise resources, reform financial systems, and invest in their populations.
Dr Ngozi Okonjo-Iweala, the WTO's Director General, echoed President Mahama's sentiment, urging African leaders to curtail borrowing and seek innovative methods for attracting and retaining investments.
'We need to capitalise on investments flowing into Africa and ensure their sustainability for our development,' she noted, suggesting strategies such as enhancing the value added to natural resources and utilising pension funds to raise long-term capital.
The event also featured a high-level panel discussion focused on strategies for mobilising African finance to meet the objectives of Agenda 2063, reinforcing the dialogue's commitment to achieving sustainable development across the continent.
Distributed by APO Group on behalf of The Presidency, Republic of Ghana.

Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

The African Union Mourns the Passing of Former Zambian President Dr. Edgar Chagwa Lungu
The African Union Mourns the Passing of Former Zambian President Dr. Edgar Chagwa Lungu

Zawya

timean hour ago

  • Zawya

The African Union Mourns the Passing of Former Zambian President Dr. Edgar Chagwa Lungu

The Chairperson of the African Union Commission, H.E. Mahmoud Ali Youssouf, expresses deep sorrow at the passing of H.E. Dr. Edgar Chagwa Lungu, Former President of the Republic of Zambia. H.E. Dr. Lungu served his nation and the African continent with dedication and distinction. His contributions to the advancement of democratic governance and regional cooperation in Africa will be remembered with deep respect and appreciation. On behalf of the African Union, the Chairperson conveys his heartfelt condolences to the bereaved family, the Government of the Republic of Zambia, and the people of Zambia during this time of national mourning. May his soul rest in eternal peace. Distributed by APO Group on behalf of African Union (AU).

African Union Commission (AUC) Chairperson met with H.E. Agostini Palese, Ambassador of Italy to Ethiopia
African Union Commission (AUC) Chairperson met with H.E. Agostini Palese, Ambassador of Italy to Ethiopia

Zawya

time4 hours ago

  • Zawya

African Union Commission (AUC) Chairperson met with H.E. Agostini Palese, Ambassador of Italy to Ethiopia

The Chairperson of the AU Commission, H.E. @ymahmoudali, met with H.E. Agostini Palese, Ambassador of Italy to Ethiopia. They discussed the upcoming Italy-Africa Summit and deepening regional cooperation. The Chairperson thanked Italy for hosting the Summit&for its investments&development initiatives under the Mattei Plan, as well as its continued support to AU-led peacekeeping&mediation efforts. Distributed by APO Group on behalf of African Union (AU).

African Union Commission (AUC) Chairperson received the letters of credence from H.E. Dr. Mohamed Khaled, newly appointed Ambassador of the People's Democratic Republic of Algeria
African Union Commission (AUC) Chairperson received the letters of credence from H.E. Dr. Mohamed Khaled, newly appointed Ambassador of the People's Democratic Republic of Algeria

Zawya

time4 hours ago

  • Zawya

African Union Commission (AUC) Chairperson received the letters of credence from H.E. Dr. Mohamed Khaled, newly appointed Ambassador of the People's Democratic Republic of Algeria

This morning, H.E. @ymahmoudali, Chairperson of the AU Commission, received the letters of credence from H.E. Dr. Mohamed Khaled, newly appointed Ambassador of the People's Democratic Republic of Algeria to the Federal Democratic Republic of Ethiopia&Permanent Representative to the African Union. The Chairperson commended Algeria's steadfast commitment to the AU&its instrumental role in advancing continental priorities. The Chairperson&Amb. Khaled reaffirmed their shared resolve to further strengthen cooperation, with a particular focus on accelerating the implementation of Agenda 2063 in pursuit of Africa's shared prosperity&integration. Distributed by APO Group on behalf of African Union (AU).

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into the world of global news and events? Download our app today from your preferred app store and start exploring.
app-storeplay-store