Let’s empower women, youth to address high unemployment in Africa – Akufo Addo
President Nana Addo Dankwa Akufo-Addo has made a compelling call for the empowerment of women and youth to build resilient and prosperous societies.
He emphasized the crucial role of women and youth in the national development.
President Akufo-Addo stated that their empowerment is not just a matter of social justice but also a significant factor in economic growth and societal resilience.
He was speaking at the 50th anniversary celebration of the Arab Bank for Economic Development in Africa (BADEA) and the launch of the Arab-Africa financial consortium in Accra.
“There is still a significant gender gap and high youth unemployment in many of our countries. We must take bold and decisive actions to address these issues”
“This includes promoting gender equality, supporting women-owned businesses and creating opportunities for young people to gain meaningful employment and be self-employed…By empowering women and youth, we can build more resilient and prosperous societies.” he explained.
On his part, the chairman of the Board of Directors of the Arab Bank for Economic Development in Africa (BADEA), Dr Fahad Aldossari, assured African leaders, heads of the continent’s financial institutions, and business leaders that the newly established Arab-Africa Financial Consortium (AAFC) will do everything within its mandate to ensure that it achieves its set objective of promoting Africa’s rapid development over the next 50 years.
Acknowledging the pivotal role played by the President of Ghana and African Union champion of financial institutions, President Akufo-Addo, in the establishment of the Arab-Africa Financial Consortium, in his address at a leader’s breakfast, which took place as part of the launch of the AAFC and the BADEA 50th anniversary, at the Kempinski hotel, in Accra on Sunday, 21 July 2024, Dr Fahad Aldossari pointed out that from now to 2074 (the next 50 years), BADEA will take immediate steps to institutionalise the AAFC by establishing a secretary to host and coordinate its activities.
“With His Excellency’s call to establish the Arab – Africa financial consortium following the successful launch of the African financial institutions’ network last Friday, I can confirm that BADEA will spare no effort in ensuring this consortium succeeds in realising the vision of Arab – Africa financial institution collaboration and coordination for leveraging of resources for the continent,” the BADEA Board Chairman added.
BADEA’s commitment to Africa according to President Akufo-Addo, “is evident in its track record”. He said that “over the past 50 years, BADEA has financed over 700 projects in more than 44 African countries with a total value exceeding US$6 billion”. These projects, Akufo-Addo said “have created jobs, improved living standards, and spared economic growth across the continent.”
Moreso, Dr Adesina Akiwumi, President of the African Development Bank Group on his part indicated that there are five issues that the reinvigorated Arab-Africa partnership should focus on.
At the top of the list, he said is energy development, second, is the exploitation of the continent’s rich green mineral resources, third, mobilisation of support for green infrastructure in Africa, fourth, food security and lastly, ensuring that the new drive for Arab-Africa partnership revolves around the Africa Investment Forum initiative.
“In the last five years, because of our collective work together, we have been able to attract over 180 billion dollars in investment interest into Africa. So, I am fully confident that as we structure the Arab and African financial institutions’ partnership, around this (Africa Investment Forum) effort, we can deliver even more results” Dr Adesina Akiwumi said.