President Nana Addo Dankwa Akufo-Addo has emphasized the necessity of strengthened partnerships and leveraging shared strengths between Africa and the Arab world to tackle challenges such as economic instability, geopolitical tensions, climate change, and the ongoing COVID-19 pandemic.

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 (AAFC) in Accra, President Akufo-Addo underscored the importance of investing in human capital, particularly through education and skill development.

“The challenges we face today are complex and multifaceted, ranging from economic uncertainties and geopolitical tension to the impacts of climate change and the ongoing COVID-19 pandemic. To address these challenges effectively, we must continue to strengthen our partnership and leverage our collective strengths,” he remarked.

Highlighting the critical role of education and skills development, President Akufo-Addo stated, “Education and skills development are essential in unlocking the potential of our people and driving sustainable growth. BADEA’s significant contribution includes supporting numerous education and training programs across Africa. However, there is still much work to be done.”

He further called for concerted efforts to ensure access to quality education for every child in Africa and the Arab world, stressing the importance of vocational training and higher education to equip individuals with necessary skills for the 21st-century economy.

In his keynote address, President Akufo-Addo highlighted BADEA’s key role in Africa’s development over the past 50 years and expressed optimism for the next fifty years with the establishment of the AAFC. He pointed to four key areas for the consortium to focus on: human capital investment, infrastructure development, trade and investment growth, and women and youth empowerment.

“Over the past five decades, BADEA has been a beacon of hope, a catalyst for development, and a symbol of the enduring bond between our two regions. Since its inception in 1974, BADEA has been instrumental in fostering economic development and cooperation between African and Arab countries,” President Akufo-Addo noted.

He stated that BADEA’s commitment to Africa is evident in its track record of financing over 700 projects in more than 44 African countries, with a total value exceeding $6 billion. “These projects have created jobs, improved living standards, and spurred economic growth across the continent,” he said.

Dr. Fahad Aldossari, Chairman of BADEA’s Board of Directors, assured African leaders and business heads that the newly established AAFC will work diligently to promote Africa’s rapid development over the next 50 years. At a leaders’ breakfast meeting held at Kempinski Hotel, Accra, Dr. Aldossari acknowledged President Akufo-Addo’s pivotal role in the establishment of the consortium.

“Today is a special day as we feel honoured and grateful to His Excellency, President of Ghana, the African Union Champion of financial institutions, who has elevated the partnership and coordination of financial institutions to support Africa,” Dr. Aldossari said.

He confirmed that BADEA will take immediate steps to institutionalize the AAFC by establishing a secretariat to host and coordinate its activities. “BADEA will spare no effort in ensuring this consortium succeeds in realizing the vision of Arab-Africa financial institution collaboration and coordination for leveraging resources for the continent,” he added.

Dr. Adesina Akiwumi, President of the African Development Bank Group, identified five pivotal areas for the reinvigorated Arab-Africa partnership: energy development, exploitation of green mineral resources, support for green infrastructure, food security, and alignment with the Africa Investment Forum initiative.

“In the last five years, our collective efforts have attracted over $180 billion in investment interest into Africa. I am confident that structuring the Arab and African financial institutions’ partnership around the Africa Investment Forum effort can deliver even more results,” Dr. Akiwumi stated.

The Arab Coordination Group (ACG), which includes several key Arab development institutions, is partnering with BADEA to launch the AAFC. Key Arab institutions such as the Abu Dhabi Fund for Development, the Islamic Development Bank, and the Saudi Fund for Development, among others, will play instrumental roles in leveraging the partnership between the Arab and African countries.