President Nana Addo Dankwa Akufo-Addo has called on the African Union (AU) to strengthen economic ties with the Arab world. Speaking at the 50th anniversary of Africa-Arab engagement in Accra, President Akufo-Addo highlighted the importance of removing trade barriers and boosting investment opportunities to support the continent’s development goals.
“To address our development challenges, we need to strengthen partnership and leverage our collective strength,” President Akufo-Addo stated. The event, hosted by Ghana, marks a significant milestone in Africa-Arab relations, organized by the Arab Bank for Economic Development in Africa (BADEA), the Ghanaian Presidency, and the AU Commission.
Themed “BADEA Prosperity Partnership: 50 Years of Africa-Arab Cooperation,” the celebration acknowledges BADEA’s role since its establishment in 1974 in fostering economic, financial, and technical collaboration between Arab and African nations. Over the past five decades, BADEA has been instrumental in driving development, reducing poverty, and strengthening socio-economic ties across Africa, with a vision of enhancing investment and trade between the regions.
President Akufo-Addo, serving as the Champion of AU Financial Institutions (AUFIs), praised BADEA’s impact, noting its substantial contributions to infrastructure, education, health, and agriculture, amounting to over US$13 billion. He stressed the importance of education, urging African leaders to ensure access to quality education. “By investing in human capital, we can create a more inclusive and prosperous future,” he said. He also emphasized the need to support the African Continental Free Trade Area (AfCFTA) with the necessary financial and political backing.
The President expressed optimism that BADEA’s 50th-anniversary celebration, focused on the impact of projects on economic growth and social development, would promote further collaboration between Arab and African nations, international organizations, and development agencies.
The anniversary serves as a platform for sharing knowledge, experiences, and best practices in economic development and cooperation. It aims to stimulate discussions on future challenges and opportunities and outline strategic priorities for BADEA in the coming decades.
In the current global economic climate, the significance of African-Arab development cooperation is underscored. Dr. Sidi Ould Tah, President of BADEA, highlighted the anniversary’s role in enhancing cooperation, policy reforms, infrastructure development, trade facilitation, financial integration, capacity building, and private sector engagement.
Dr. Akinwumi Adesina, President of the African Development Bank Group, emphasized the need to create value in business to boost Africa’s competitiveness in the global market. A key highlight of the anniversary activities is the establishment of a new “Arab-Africa Financial Consortium (AAFC),” aimed at enhancing economic development and cooperation by leveraging the collective financial strength of both regions.
