At the 5th anniversary celebration of the Council on Foreign Relations Ghana, President Nana Addo Dankwa Akufo-Addo delivered a compelling address, emphasizing the urgent necessity for Africa to pursue economic self-sufficiency and reduce reliance on external aid.
Addressing the theme “The Limits of the Current Development Cooperation Framework for Africa’s Transformation,” President Akufo-Addo critiqued the existing development cooperation framework. He outlined strategies such as enhancing domestic resource mobilization, supporting entrepreneurship, and creating a favourable environment for Indigenous private sector investment, as key to achieving sustainable development across the continent.
He expressed concern about Africa’s dependence on external aid, describing it as a significant obstacle to progress.
“While aid has addressed some immediate needs and supported development projects, it has also fostered a dependency syndrome that undermines domestic ownership and self-reliance,” he stated.
President Akufo-Addo called for a shift towards strategies promoting economic self-sufficiency to address this issue.
He emphasized the need to enhance domestic resource mobilization, support entrepreneurship, and create a favourable environment for Indigenous private sector investment.
He argued that these measures are crucial for building resilient economies and decreasing Africa’s dependence on external aid, ultimately leading to sustainable development.
The President also highlighted the inefficiencies and duplications often resulting from fragmented aid efforts.
He advocated for better harmonization and alignment of aid with national development priorities. He urged development partners to work collaboratively with African governments to ensure that aid, when requested and granted, is coordinated.
Moreover, President Akufo-Addo stressed the importance of structural transformation for Africa’s economies. This involves a shift from traditional, low-productivity sectors to more modern, high-productivity sectors. While short-term projects are necessary for immediate needs, they do not necessarily contribute to long-term, sustainable development.
He called for focusing on long-term investments in critical sectors such as agriculture, education, healthcare, infrastructure, and industrialization.
President Akufo-Addo cited his government’s flagship One-District-One-Factory (1D1F) initiative as an example of a policy designed to address the root causes of underdevelopment and promote inclusive growth.
He asserted that prioritizing structural transformation will enable Africa to build resilient economies capable of enduring external shocks and fostering sustainable development.
In his concluding remarks, President Akufo-Addo urged a radical shift in development cooperation that emphasizes partnership, mutual accountability, sustainability, and local ownership.
He stressed that African countries must lead in defining their development priorities, and development partners must support these efforts collaboratively and respectfully.
