President Nana Addo lauds BADEA’s role in Africa’s Development
By Daniel NONOR, Accra
President Nana Addo Dankwa Akufo-Addo has lauded the Arab Bank for Economic Development in Africa’s (BADEA) pivotal role in enhancing economic growth and cooperation between Africa and the Arab world.
The event, held in Accra, underscored BADEA’s critical contributions to the continent’s development over the past five decades.
President Akufo-Addo, who played host to dignitaries from across the globe at the Jubilee celebration of BADEA in Accra yesterday, emphasized the enduring partnership between Africa and the Arab world, celebrating the numerous projects financed by BADEA that have significantly enhanced socio-economic development across the continent.
“Since its inception in 1974, BADEA has been instrumental in fostering economic development and cooperation between African and Arab countries. It has played a pivotal role in financing and supporting numerous projects across the African continent, including infrastructure development, healthcare, education, and agriculture,” he noted.
The President further noted that these initiatives have created jobs, improved living standards, and stimulated economic growth, addressing key challenges such as poverty, inequality, and climate change.
President Nana Addo underscored the theme of the celebration, “Prosperity and Partnership: 50 Years of Africa-Arab Cooperation,” as timely and appropriate.
He stressed the importance of continued collaboration and partnership to achieve sustainable development and mutual prosperity.
The deep cultural, economic, and political ties between the two regions, he said, have yielded remarkable results and must continue to shape future initiatives.
Addressing contemporary challenges, President Akufo-Addo called for strengthened partnerships and collective efforts.
He highlighted investment in human capital through education and skills development as a crucial pillar of this partnership.
“BADEA has made significant contributions in this area, supporting numerous education and training programmes across Africa. However, there is still much left to be done,” he stated, urging for enhanced efforts to ensure quality education for all children in Africa and the Arab world.
The President also emphasized the importance of infrastructure development, describing it as the backbone of economic growth.
He praised BADEA’s role in financing infrastructure projects, from roads and bridges to power plants and water supply systems.
He, however, called for continued prioritization of infrastructure development, particularly in renewable energy, to enhance economic competitiveness and improve quality of life while combating climate change.
President Nana Addo pointed to the African Continental Free Trade Area (AfCFTA) agreement as a powerful vehicle for boosting trade and investment flows between the regions.
He called for collective efforts to remove trade barriers, improve market access, and create an enabling environment for investors to spur innovation and drive economic growth.
Empowering women and youth, the President noted, is essential for sustainable development and inclusive growth.
He commended BADEA’s initiatives aimed at empowering women and youth but acknowledged the persistent gender gap and high youth unemployment in many countries.
He called for bold actions to support women-owned businesses and create opportunities for young people to secure meaningful employment and self-employment.
As the celebration marked 50 years of Africa-Arab cooperation, President Akufo-Addo reaffirmed the commitment to this vital partnership.
He called on all stakeholders – governments, the private sector, civil society, and international organizations – to join hands in leveraging shared values and working towards a common vision of prosperity and development.
“Let us continue to build on these strengths and work together to create a brighter and more prosperous future for all,” he said.
