President John Dramani Mahama has cautioned African leaders to be ware of growing challenges despite significant improvements seen on the continent.
He was delivering the keynote address as the Champion of African Union Financial Institution, at the Heads of State and Government breakfast dialogue held at Addis Ababa, Ethiopia, on Sunday February 16, 2025.
He mentioned that one of the significant challenges is the substantial financing gap of approximately $402 billion annually until 2030. He addressed, “Notwithstanding these positive trends, we must confront the reality that our growth has not always been translated into significant improvements in per capita income. Structural transformation remains uneven with many economies still reliant on low productivity sectors.”
He further addressed that the financing gap represents the unrealized potential of Africans who depend on the leaders’ ability to invest wisely in technological, health and infrastructural development.
“The financing gap is not merely a statistic. It represents the unrealized potential of Africans who dreams for a better life depends on our ability to invest wisely in infrastructure, education, technology and health,” he said.
President Mahama also emphasized that African countries need to make efforts to mobilise their domestic resources to reduce their dependence on external financing and achieve sustainable growth. He also discussed the significant growth in the continent’s economic journey amidst the numerous challenges.
According to him, the projections from Africa’s resilience show a recovery in growth to 3.7 per cent in 2024, and 4.0 per cent in 2025.
“The optimistic outlook highlights the inherent strength of our economies and the effectiveness of policy interventions,” he said.
The breakfast dialogue was hosted by President John Dramani Mahama under the auspices of the Alliance for African Multilateral Financing Institutions.
There were high levels of state officials from multinational organizations within and outside the continent, including the Director of World Trade Organization (WTO), Dr. Ngozi Okonjo Iweala, and the President and Chairman of the Board of Directors of Afreximbank, Professor Benedict Oramah.
Source: Dehotpress
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