Over-dependence on foreign aid derailing socio-economic development in Africa
President Nana Addo Dankwa Akufo-Addo has challenged policymakers on the African continent to reduce their dependence on aid from foreigners.
The President posited that our reliance on foreign aid is derailing socio-economic development in Africa.
He was speaking at the opening the 22nd Academy of African Business and Development (AABD) Conference, President Akufo-Addo said the “time to pursue a path of prosperity and self-respect for the African Continent is now.”
He wants policymakers develop policies that will make this possible in the shortest time for Africa to prosper.
Tyr event is under the theme: “Sustainable Development beyond Aid: The focus for Africa?” It will run till May 21, 2022.
“I am by no means saying there is no longer a place for aid in Africa or that we should disregard what aid has done for us in the past. Neither am I saying that the more advanced countries should cease honouring their aid commitments to African countries; or that we should turn our back on investments from outside”, he said.
“It is time to create the future we want for our continent, and it is time to start building that future, inspired by the imperative to transform our economy from raw material producing and exporting economies to value-adding industrial economies.”
“We seem to have missed out on many opportunities to make Africa the continent she deserves to be, rich and resilient. But it is not too late to right the wrongs, it is time to catch them now”, the President added.