President Akufo-Addo has disclosed that a summit with world leaders on ‘Financing African Economies’ will develop strategies intended to boost the recovery of Africa.

According to him, the dialogue during his visit to to France will also help engender development in the continent.

President Akufo-Addo in a Facebook post noted that, the Summit “will bring together several African and European leaders, and heads of international financial institutions”.

His post follows his departure on Sunday for a nine-day official working visit to France, Belgium, and South Africa.

He further intimated that world leaders “will devise strategies that will boost strong, inclusive recovery in Africa [and] grounded in a dynamic private sector”.

Additionally, President Akufo-Addo revealed that, the convening of world leaders will “help foster sustainable progress and prosperity”.

Also, he averred that the meeting will help “accelerate the green and digital transition in line with the 2030 UN Sustainable Development Goals and the Paris Agreement on Climate Change”.

Financing African economies

President Akufo-Addo’s working visits are part of his efforts to re-engage with the world following the entrance of the pandemic. As a result, he proffers to extol Ghana as a country with a business-friendly atmosphere. The Summit is convened by French President, Emmanuel Macron.

French President, Emmanuel Macron, will host African leaders and the heads of multilateral lenders in Paris today. The meeting is to find ways of financing African economies harmed by the pandemic.

Other areas which will be discussed include how world leaders proffer to handle the continent’s billions of dollars debt.

The summit is part of Macron’s efforts to recast France’s engagement in Africa, where it was once a colonial power.

Speaking in an interview, French Finance Minister, Bruno Le Maire, explained that, Africa is not financially capable of addressing its economic demands.

“The peculiarity of Africa is that; it does not have the financial means today to protect and revive its economy like all the other continents have done”.

The summit brings together thirty African and European heads of state. It also includes heads of global financial institutions.

Addressing African countries in a pandemic

Currently, the African Development Bank estimates that about 39 million people could fall below the poverty line this year. The bank further disclosed that many African countries are at risk of debt distress because of the pandemic.

In light of this, President Macron believes that Africa needs a “New Deal” to give the continent a fresh start.

In April, World finance chiefs agreed to increase reserves at the International Monetary Fund by $650 billion. Briefing the press head of the summit, a French official averred that, France wants to do more for the continent.

“The president has spoken of massive debt cancellations, and continues to think that it is very important to give liquidity to African countries and allow them to invest”.