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Africa needs cheap source of funding, not aid - Akufo-Addo tells UK gov't

By Justice Kofi Bimpeh
 Akufo-Addo
Akufo-Addo
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President Akufo-Addo says Africa needs to be treated fairly by its development partners as the continent seeks equity funding for sustainable developmental projects.

President Akufo-Addo made the call at the ongoing UK-Africa Investment Summit hosted by the UK government to support job creation on the continent and help build a stronger partnership with the UK and Africa post Brexit

Speaking on the theme 'Sustainable Finance and Infrastructure', President Akufo-Addo said for African economies to emerged prosperous economies there will be the need for equity funding of its developmental projects and aids.

According to him, the London Stock Exchange has a significant role to play in this regard.

"Nobody is looking for gifts or charity but we are saying that if there is equity in the way..........to address the deficit and I think the London Stock Exchange can play an important role and in my view is very important for the future of the continent of our relations with countries like Britain.." 

President Akufo-Addo noted that the African continent is wealthy but majority of its people are poor which need to be addressed and support for the idea to think outside the box in addressing the challenges of the continent.

READ ALSO : Ghana to sign £40m agreement with the UK to upgrade Kumasi Airport

"The wealth of Africa is undisputed, when we get ourselves into a situation whereby now the infrastructure has also developed what you are doing is increasing the possibility of Africa economies emerging as prosperous economies and that can only be good for the world, it can only be good for world stability and equity to see this continent of 1.2 billion people leaving in the richest continent in the world and yet majority of its people being poor so there is an urgent need for us to be very supportive of the statement President Kenyatta has made that we need to think outside the box in trying to find a way in addressing the infrastructure deficit and finding ...... instrument for financing business infrastructure."

Finance for Kumasi Airport

British Prime Minister Boris Johnson and Ghana's President Akufo-Addo are also expected to sign a £40m agreement at the summit which will see the construction of a new terminal as part of the upgrade of the Kumasi Airport.

The facility which forms part of a pre-financing agreement between the two countries will be disbursed after the UK-Africa summit in London.

Speaking to Joy FM, UK's High Commissioner to Ghana Iain Walker said the agreement will position Kumasi as a trade destination in Africa.

"We have invested in two things particularly the airport extension which means a lot of planes could land there and also we will be announcing at this summit the building of the new terminal at Kumasi.........is not about aid but helping to get more investment......"