High Level Dialogue: A Future Beyond Aid

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Kempinski Hotel Gold Coast City Accra

66 Gamel Abdul Nasser Avenue

Accra, Greater Accra Region

Ghana

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This High Level Dialogue explores how Africa can optimize the use of its own resources, creativity and innovation to effectively finance Africa’s development. The dialogue will also examine the future of development in Africa and how to capitalize on the implementation of the Africa Continental Free Trade Agreement (AfCFTA), as well as the opportunities emerging from the Fourth Industrial Revolution. This event will be the first of its kind to feature a profound interaction between a select number of Africa’s political, traditional and business leaders. Leading voices in culture, entertainment, media and academia will also be part of the conversation.

BACKGROUND

Across Africa there is a rising demand for new forms of transformational leadership, which begins with a distinct change in mindsets and a renewed commitment to do things differently. The African Union (AU) and several African personalities are promoting self-reliance and further strengthening of African unity, to help the continent take charge of its own destiny, frame the agenda for integration and leverage dynamic private sector growth.

The good news is that in 2019, like in 2018, sub-Saharan Africa will be home to several of the world’s fastest-growing economies, according to the IMF. The region’s growth numbers will be led again by Ethiopia, Rwanda, Ghana, Côte d’Ivoire, Senegal, Benin, Kenya, Uganda, and Burkina Faso who remain in the top 10. In the last decade, African economies have been growing at an average rate of 4.7%, but the challenge of creating jobs and designing agile responses to inclusive development remains.

International development partners have sought to support the agenda for growth by providing foreign aid and technical assistance to many countries for several decades. Estimates suggest the West has spent about $600 billion on foreign aid to Africa so far, which has contributed significantly to improving human capital development and reducing poverty. However, there is evidence that aid alone cannot change the destinies of the majority of African states. It is also clear that Africa's dependence on foreign aid has in some cases led to maldevelopment.

Now in 2019, with the ratification of the Africa Continental Free Trade Agreement (AfCFTA) by 27 African countries which marks the starting point for implementation, this may be the moment when history pivots and an opportunity emerges to accelerate momentum towards regional integration and self sustaining futures. The immeasurable natural resource endowments across Africa also provide a foundation to ignite future transformation, beyond the limitations of dependency on development assistance…..Africa Beyond Aid

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Kempinski Hotel Gold Coast City Accra

66 Gamel Abdul Nasser Avenue

Accra, Greater Accra Region

Ghana

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