Africa Must Embrace AfCFTA and Reject Foreign Aid - Akufo-Addo

Lagos, Nigeria - 20 Feb, 2025 - Former Ghanaian President Nana Addo Dankwa Akufo-Addo has stressed the need for African countries to break free from foreign aid and instead focus on intra-continental trade and investment.

Akufo-Addo argued that Africa's economic salvation lies within its own borders, and that the continent must harness its own resources and expertise to drive growth and development.

Speaking at the launch of former Nigerian President Ibrahim Babangida's autobiography, Akufo-Addo singled out the African Continental Free Trade Area (AfCFTA) as a key initiative that could help unlock Africa's economic potential, and called for greater cooperation between African nations, particularly between Ghana and Nigeria.

“Too often, African nations look outside for solutions when the answers lie within our own borders,” he stated. “We must reject the notion that aid is the key to our development. No country has ever achieved lasting prosperity by depending on handouts,'' he stated.

“If we are to move beyond our historical economic challenges, we must fully embrace the AfCFTA. Removing trade barriers and fostering economic integration will create the conditions necessary for sustainable growth,” he remarked.

“Foreign aid is not free—it comes with conditions that may not align with our long-term interests. We must prioritize investments in our people, industries, and agriculture to ensure true self-reliance.''

“Ghana and Nigeria have demonstrated that when we work together, we achieve more. We share a history, a culture, and a responsibility to lead West Africa towards economic independence,” he noted.

 “We must move beyond competition and embrace cooperation, leveraging our strengths for the greater good of our people.”

“Africa’s future is in our hands. With the right leadership, strategic investments, and a commitment to cooperation, we can build a continent that is prosperous, self-reliant, and respected globally,'' he concluded.

Source: Lead News Online