President Nana Addo Dankwa Akufo-Addo of Ghana captured the spotlight at the 2024 International Development Association (IDA) Summit in Nairobi with a powerful call to double funding for the IDA.
His impassioned plea resonated throughout the summit, sparking discussions on the urgent need to boost international development efforts.
Quoting data from the African Development Bank (AfDB), President Akufo-Addo underscored Africa’s staggering infrastructure needs, estimated at $130 billion to $170 billion annually.
With a financing gap of $68 billion to $108 billion, he emphasized that such disparities hinder economic growth, perpetuate poverty, and exacerbate inequality.
Highlighting the crucial role of the IDA in providing concessional financing to address these challenges, President Akufo-Addo stressed the imperative of doubling funding to support sustainable development.
Drawing from Ghana’s experience in debt restructuring under the G20 Common Framework, he emphasized that increased IDA resources could alleviate debt pressures and enable countries to invest in critical areas like infrastructure and climate resilience.
Summit participants echoed the President’s call for bold action, recognizing the need for long-term investment in development.
President Akufo-Addo urged the international community to seize the opportunity of the IDA replenishment to mobilize resources and foster partnerships for inclusive and sustainable development.
As the summit concluded, President Akufo-Addo’s advocacy for doubling IDA funding stood as a rallying cry for solidarity and shared responsibility in addressing pressing global challenges.
His visionary leadership set the stage for renewed commitment to building a brighter future for all.
