Political and business leaders, along with artists from across Africa, have signed the Abidjan Accord, a pact urging the world’s wealthiest nations to increase support for poverty alleviation in developing countries. The accord calls on the G20, a group of the world’s 20 largest economies, to boost their backing for the World Bank’s International Development Association (IDA), with the goal of helping 77 of the world’s poorest countries, many in Sub-Saharan Africa, overcome poverty.
The Abidjan Accord proposes a $120 billion replenishment for the IDA’s 21st round of funding, aiming to secure the best possible terms for the world’s poorest nations. This agreement was the highlight of the Economic Development Assembly, a two-day conference sponsored by Global Citizen and Bridgewater Associates, held in Abidjan, Ivory Coast. The accord is named after the host city.
During the conference, stakeholders emphasized Africa’s potential to become “an engine of global economic growth” if given the necessary support. Hugh Evans, Co-Founder and CEO of Global Citizen, noted the challenges faced by developing countries, stating, “Too many developing countries are saddled by high-interest loans, strangling their economies and diverting funding that should be supporting social services such as healthcare, education, nutrition and building infrastructure.”
Mr Evans also noted the transformative potential of a fully funded IDA, which could improve living conditions for nearly 2 billion people, calling it “one of the most strategic investments G20 governments can make in the global economy of the future.”
Head of Bridgewater Associates, Nii Bar Dea who also attended the conference said an improved contribution to the World Bank’s development program could boost the global economy by “supporting important development goals like furthering healthcare, core infrastructure, and energy access.”
According to research released by his outfit, although the African economy is projected by 10 to 15 percent in the coming decades, current indicators risked derailing its promising potential.
The conference drew several high-profile attendees, including Ivorian President Alassane Ouattara, Mauritanian President and African Union Chairperson Mohamed Ould Ghazouani, Sierra Leone’s President Julius Maada Bio, and Togolese President Faure Gnassingbé. World Bank President Ajay Banga also led a delegation to the event.
Notable amongst the signatories to the Abidjan Accord were music megastar, Stonebwoy and journalist Berla Mundi who shared the call for urgency in providing Africa with the needed economic support.
Source: Ghana/Starrfm.com.gh/103.5FM/Mitchell Asare Amoamah