He called for concerted efforts to accomplish the transformative change required to meet the SDGs by 2030 and urged African countries to take bold and decisive actions to reinforce their commitment to the SDGs.
“Together, we can build a sustainable and prosperous Africa that leaves no one behind,” he said at the opening of the two-day 2024 SDG’s Action Summit in Accra.
The summit is on the theme, “From mid-point to success: recommitting, scaling up, and accelerating action on the SDGs.” Its main objective is to look at the urgent institutional, governance, and policy reforms needed to support the implementation of the SDG’s.
It also seeks to reevaluate investment avenues to accelerate the implementation of the SDGs and to highlight the critical role played by the private sector and the incentives needed to compel it to take the lead in SDG action.
The summit is expected that the summit will result in a document that is practical, solution-focused, and reinforces Africa’s resolve to accelerate the continent’s progress toward the SDGs.
It is being attended by representatives of African governments, business leaders and captains of industries, Pan-African development, and policy institutions, thought leaders and other influential stakeholders across the continent and global Africa.
President Akufo-Addo four-point agenda focuses on unlocking financing for accelerated implementation of the SDG’s, prioritizing human capital development in Africa, driving innovation in critical sectors of Africa’s economy, and building resilient infrastructure to withstand global shocks and stresses.
Regarding funding for the SDGs’ implementation, the President reaffirmed Africa’s unwavering commitment to the goals but acknowledged the persistent financing shortfall.
Citing estimates from the United Nations Economic Commission for Africa (UNECA), he revealed that Africa requires an additional $1.3 trillion annually to achieve the SDGs by 2030.
To address the issue, President Akufo-Addo proposed three key measures. First, by strengthening tax collecting procedures, preventing illicit financial flows, and promoting transparency in public fiscal management, calling for greater mobilization of domestic resources.
He pointed out that if illegal financial flows were stopped, which are thought to cost Africa $90 billion a year, valuable resources would remain in African economies.
Second, the President stressed the importance of public-private partnerships (PPPs) in bridging the financing gap.
He argued for the creation of an enabling environment through smart policies to attract private capital for critical infrastructure projects, healthcare, education, and renewable energy initiatives.
He also highlighted the importance of leveraging blended finance approaches to attract private capital to areas yielding both developmental and financial returns.
President Akufo-Addo called for comprehensive debt relief for heavily indebted countries to restore fiscal stability and free up resources for sustainable development investments.
He also called for transparent and responsible lending practices to support long-term development goals.
On prioritizing human capital development in Africa, the President emphasized the continent’s unique position, with 60 per cent of its population under the age of 25, and the need to invest strategically in youth.
He stressed the importance of increasing access to quality education, focusing on STEM (Science, Technology, Engineering, and Mathematics) education, and promoting arts and humanities to boost critical thinking, creativity, and leadership skills.
The President underscored the significance of vocational training and skill development to equip young people with practical skills needed in various sectors.
He called for partnerships with the private sector to ensure the relevance of training programs and job opportunities and stressed the importance of promoting innovation and self-reliance through entrepreneurship, citing Ghana’s National Entrepreneurship and Innovation Programme (NEIP) as a successful example.
President Akufo-Addo mentioned how scaling up and accelerating SDGs action might be facilitated by cross-border financial integration and renewable energy technologies.
To support equitable and sustainable development, he anticipated a future in which capital moves across borders with ease, businesses can access new markets, and communities have better access to financial services.
The President stated the importance of leveraging Africa’s wealth of natural resources to advance renewable energy technologies.
He cited Rwanda’s off-grid solar initiatives and Morocco’s Noor Ouarzazate Solar Complex as instances of Africa’s leadership in renewable energy innovation.
On the fourth point of the agenda, President Akufo-Addo noted the vulnerabilities exposed by the COVID-19 pandemic and geopolitical tensions, calling for the development of reliable infrastructure to support diverse economic activities.
He also stressed the importance of providing smart insurance schemes for financial protection to vulnerable communities and businesses.
