Reforming the global financial architecture has become an urgent necessity, according to President Nana Addo Dankwa Akufo-Addo. In his address at the Paris Peace Forum, President Akufo-Addo emphasized the inadequacy of the current financial system in addressing inequalities.
Investing in Education, Healthcare, and Social Safety Nets
He stressed the need to promote economic equity and inclusive growth by investing in education, healthcare, and social safety nets. The President called on global leaders to ensure that progress in the West does not come at the expense of Africa and other impoverished regions.
Eliminating Extremes of Wealth and Poverty
President Akufo-Addo posed a thought-provoking question to the audience: is it necessary for prosperity in Europe, the West, and parts of Asia to be based on poverty in other parts of the world, particularly Africa? He urged the gathering to consider a world where everyone can live together in relative comfort, eliminating extremes of wealth and poverty. This challenge, he argued, requires a shift in mindset and collective action from our generation.
Resources and Technological Advancements
The President highlighted the abundance of resources and technological advancements that exist today. He questioned whether these should be limited to certain parts of the world or if they can be shared universally. President Akufo-Addo emphasized that addressing these complex issues requires multiple responses, with access to capital and money being a fundamental concern throughout history.
Mobilizing Resources for Global Development
He called for a new arrangement that allows multilateral institutions like banks and funds to mobilize resources for global development. President Akufo-Addo also discussed the impact of climate change on Africa's development, particularly regarding the use of vital resources like oil and gas. He emphasized the need for innovative and eco-friendly approaches to address climate concerns while ensuring a just and equitable transition for African states.
President Akufo-Addo stressed the importance of addressing these multifaceted challenges to create a more constructive and better world for future generations. He called for a collective effort to reform the global financial architecture, promote economic equity, and find sustainable solutions to climate change. By doing so, we can strive towards a world where prosperity is not achieved at the expense of others, and where resources are utilized for the benefit of all.
-By Monica Bellew | Mydailyreports24
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