African, Arab leaders converge in Ghana to discuss economic cooperation

Leveraging the Arab Bank for Economic Development in Africa's (BADEA) pivotal role to drive further prosperity between the two regions will take centre stage as eminent leaders meet to deliberate on five decades of long-standing engagement.BADEA was established in 1974 as a means to strengthen economic, financial and technical cooperation between Arab and African countries.It has played a pivotal role in fostering development, reducing poverty, and enhancing socio-economic ties across the African continent, envisioning a future where the two regions would build bridges of investment and trade flows.The commemoration of the 50th anniversary of engagement between the Africa and Arab worlds, being hosted by Ghana today, Sunday, July 21, is expected, therefore, to chart the course for further development.The event is being organised under the auspices of BADEA, the Presidency of Ghana and African Union (AU) Commission, on the theme: 'BADEA Prosperity Partnership: 50 Years of Africa-Arab Cooperation'.Coi nciding with the AU Mid-Year Coordination Meeting (MYCM), the event features the 'Leaders' Breakfast', a key activity to assess the development cooperation agenda between Arab and African countries, addressing various economic, political and infrastructural challenges.Ghana's President Nana Addo Dankwa Akufo-Addo, the AU Commission Chairperson, Moussa Faki Mahamat, the AU Chairperson, Mohamed Cheikh El Ghazouani, as well as a host of Heads of State and other State officials will be addressing the AU meeting.A concept note copied to the Ghana News Agency (GNA), ahead of the programme, indicated that the discourse will seek to leverage opportunities for mutual growth in areas of mutual interests.Discussions will focus on policy reforms, infrastructure development, trade facilitation, financial integration, capacity building and fostering private sector engagement.Recognising the paramount importance of coordination to facilitate financial flows and economic cooperation between Africa and the Arab world, the Leaders' Breakfast and Economic Dialogue aim to launch a coordination platform.This platform is to facilitate the exchange of development finance pillars and align the common development agenda between financial institutions.According to the organisers, the focus is on drawing on different perspectives on financial resources between Africa and the Arab regions by forging a new 'Arab-Africa Financial Consortium (AAFC)'.The AAFC is designed to enhance economic development and cooperation in both regions, taking advantage of the collective financial strength.Other key events at the Leaders' Breakfast, on the sideline of the AU's MYCM, include African Presidents and Heads of States, government officials, development partners, as well as civil society organisations (CSOs) and the academia addressing and engaging on policy issues.The main objectives of the 50th anniversary celebration of BADEA encompass showcasing the impact of projects on economic growth and social development in African countries.Additionally, it is designed to enhance existing partnerships, and foster new collaborations between Arab and African countries, international organisations, and development agencies.The event is to provide the platform for sharing knowledge, experiences and best practices in the field of economic development and cooperation, discuss future challenges and opportunities and outline strategic priorities for BADEA in the coming decades.African-Arab development cooperation is considered as critical in this era, particularly at a time when most countries are reeling from the global economic and financial challenges.For the African Continental Free Trade Area (AfCFTA) concept to achieve its desired objectives, for instance, there is the need for a strong financial backing to expand the base of intra-trade, economic development and sustainable growth.The AfCFTA, one of the flagship projects of the AU's Agenda 2063, aims at boosting Africa's trading position in the global market by strengthening the continent 's common voice and policy space in global trade negotiations.Source: Ghana News Agency