On Sunday, July 21, 2024, President Nana Addo Dankwa Akufo-Addo delivered the opening address of the Sixth African Union (AU) Mid-Year Coordination Meeting in Accra.
During his address on the theme: “Educate an African Fit for the 21st Century: Building Resilient Education Systems for Increased Access to Inclusive and Lifelong Quality and Relevant Learning in Africa,” he stressed the urgent need for African leaders to tackle illicit financial outflows from the continent, which result in a significant loss of resources essential for Africa’s development.
Following his speech, President Akufo-Addo urged African leaders to take immediate action to address this critical issue.
“Despite the recommendations and the call to action, we have struggled to effectively curb these flows. The persistence of illicit financial flows undermines our ability to finance development projects, weakens governance structures, and perpetuates inequality,” Akufo-Addo said.
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In 2011, the Mbeki Commission sounded the alarm on the increasing scale of illegal resource siphoning from Africa through illicit financial flows. The commission’s recommendations aimed to tackle this issue. President Akufo-Addo, in his speech, urged leaders to implement these recommendations and stem the illicit outflows.
President Akufo-Addo also underscored the importance of reclaiming lost resources to enhance development financing and ensure that Africa’s wealth benefits its people.
“By reclaiming these lost resources, we can boost our development financing and ensure that the wealth generated within Africa remains in Africa to benefit our people,” he said.
African Union (AU) Chairperson, Mr. Mohamed Ould Ghazouani, emphasized the need for effective collaboration between the AU and regional blocs to achieve continental integration. He announced the Union’s ambitious goal to raise $100 billion, highlighting the African Continental Free Trade Area (AfCFTA) as a key framework for boosting bilateral trade and economic integration among African nations.
“A strong economic integration among African countries would allow the AU to have a bigger presence at the United Nations General Assembly, the International Monetary Fund, G20 nations, and the World Bank,” Mr. Ghazouani added.
The AU meeting brought together a diverse group of stakeholders, including AU commission members, regional mechanism heads, regional economic community leaders, and African Heads of State and Governments. This collective gathering enabled a unified approach to addressing the continent’s education challenges.
