President Nana Addo Dankwa Akufo-Addo revealed a comprehensive four-step strategy on Tuesday to accelerate the realization of the Sustainable Development Goals (SDGs), highlighting the importance of intensifying efforts to reach the SDGs’ 2030 objectives.
He urged for unified endeavors to achieve the significant transformation necessary to fulfill the SDGs by 2030 and encouraged African nations to take courageous and resolute steps to strengthen their dedication to the SDGs.
“Collectively, we have the potential to construct a thriving and inclusive Africa that upholds sustainability,” he stated during the commencement of the two-day 2024 SDGs Action Summit in Accra. The summit, themed “From midway to triumph: recommitting, expanding, and hastening action on the SDGs,” aims to address the critical institutional, governance, and policy reforms essential for advancing the implementation of the SDGs.
The summit aims to reassess investment opportunities to expedite the achievement of the Sustainable Development Goals (SDGs) and emphasize the crucial involvement of the private sector, along with the necessary incentives to encourage it to spearhead SDG initiatives. Anticipated outcomes of the summit include the creation of a pragmatic and solution-oriented document that underscores Africa’s determination to hasten progress towards the SDGs on the continent. Distinguished attendees encompass officials from African governments, prominent business figures, leaders in various industries, Pan-African development organizations, policy institutions, esteemed thought leaders, and other influential stakeholders from across Africa and the global community.
President Akufo-Addo’s four-point agenda centers on facilitating funding for the swift realization of the Sustainable Development Goals (SDGs), giving precedence to enhancing human capital development in Africa, fostering innovation in vital sectors of the continent’s economy, and constructing robust infrastructure capable of withstanding global challenges and pressures. In discussing financing for the SDGs’ execution, the President restated Africa’s steadfast dedication to the goals while recognizing the ongoing deficit in funding.
Quoting figures from the United Nations Economic Commission for Africa (UNECA), he disclosed that Africa needs an extra $1.3 trillion per year to reach the SDGs by 2030. In tackling this challenge, President Akufo-Addo put forward three primary strategies. Firstly, by enhancing tax collection processes, curbing illicit financial outflows, and advocating for transparency in public financial administration to bolster the mobilization of domestic funds. He highlighted that preventing illegal financial flows, estimated to amount to $90 billion annually in Africa, would retain valuable resources within African economies.
President Akufo-Addo emphasized the significance of public-private partnerships (PPPs) in closing the financing gap. He advocated for the establishment of a conducive environment through strategic policies to attract private investments in crucial infrastructure projects, healthcare, education, and renewable energy ventures. Additionally, he highlighted the importance of utilizing blended finance strategies to draw private investments to sectors that offer both developmental and financial benefits. The President called for substantial debt relief for heavily indebted nations to restore fiscal stability and allocate resources for sustainable development initiatives. Furthermore, he stressed the necessity of transparent and responsible lending practices to support long-term development objectives. In addressing human capital development in Africa, President Akufo-Addo underscored the continent’s unique demographic composition, with 60% of its population under the age of 25, emphasizing the need for strategic investments in youth. He emphasized the importance of enhancing access to quality education, particularly focusing on STEM (Science, Technology, Engineering, and Mathematics) education, as well as promoting arts and humanities to enhance critical thinking, creativity, and leadership skills. The President highlighted the significance of vocational training and skill development to equip young individuals with practical skills required in various sectors. He called for collaborations with the private sector to ensure the relevance of training programs and job opportunities, emphasizing the promotion of innovation and self-reliance through entrepreneurship, citing Ghana’s successful National Entrepreneurship and Innovation Programme (NEIP) as an exemplary model. President Akufo-Addo discussed how cross-border financial integration and renewable energy technologies could facilitate the scaling up and acceleration of SDGs action. He envisioned a future where capital flows seamlessly across borders, businesses have access to new markets, and communities benefit from improved access to financial services. Leveraging Africa’s abundant natural resources to advance renewable energy technologies was highlighted, with references to Rwanda’s off-grid solar initiatives and Morocco’s Noor Ouarzazate Solar Complex as examples of Africa’s leadership in renewable energy innovation. On the fourth point of the agenda, the President acknowledged the vulnerabilities exposed by the COVID-19 pandemic and geopolitical tensions, emphasizing the necessity of developing resilient infrastructure to support diverse economic activities. He also stressed the importance of providing smart insurance schemes for financial protection to vulnerable communities and businesses.
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