At the recent 2024 International Development Association (IDA) Summit in Nairobi, President Akufo-Addo came up tops as the leading advocate for double IDA Funding.
Despite global challenges, President Akufo-Addo’s call for increased support for the IDA reverberated throughout the summit, igniting discussions on the imperative of bolstering international development efforts.
Quoting figures from the African Development Bank (AfDB) he stressed the urgent need for enhanced financial resources to confront the daunting infrastructure deficit plaguing African nations.
“Africa’s infrastructure needs, estimated at a staggering $130 billion to $170 billion annually, with a yawning financing gap of $68 billion to $108 billion hinder economic growth, stifle progress, and perpetuate cycles of poverty and inequality”, the President said.
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He argued concerning the pivotal role of the IDA in providing concessional financing to bridge the resource gap and facilitate sustainable development.
“Against the backdrop of mounting debt distress and the far-reaching impacts of climate change and the COVID-19 pandemic, doubling IDA funding was not merely an option but an imperative for African nations striving to navigate these intersecting crises,” President Akufo-Addo said.
On challenges facing countries grappling with debt burdens, he said doubling IDA resources would not only alleviate debt pressures but also enable nations to address pressing development needs, from infrastructure investment to climate resilience and social protection.
“The international community as a matter of urgency must seize the opportunity presented by the IDA replenishment to mobilize resources, forge partnerships, and chart a course toward inclusive and sustainable development”, he said.
Summit sources say that with the stakes high and the need urgent, President Akufo-Addo’s visionary leadership set the stage for a renewed commitment to building a brighter future for all.
