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President Akufo-Addo speaks on ongoing global economic turmoil

He strongly urges fellow African leaders to prioritise and focus on collective action to strengthen Africa’s influence on the global economic order

President Akufo-Addo, in his capacity as the African Union Champion of Financial Institutions, has addressed the Boma of Africa, at the invitation of the African Union and AfroChampions, on the ongoing global economic turmoil.

He strongly urged assembled leaders to prioritise and focus on collective action to strengthen Africa’s influence on the global economic order.

He expressed concern that smaller economies, many of them in Africa, often suffer the harshest consequences during global downturns though they contribute the least to the causes of these upheavals.

The international instruments for resolving such crises lack input from smaller economies, he said.

Africa, therefore, needs to invest more in its own instruments for financial crisis management and speed up the emergence of a continental lender of last resort, the president argued.

But even a whole continent cannot withstand on its own the full onslaught of a global economic nosedive. Global co-operation will remain at the base of any strategy for addressing crises of such nature, he said.

President Akufo-Addo called for Africa to work together, presenting a unified voice and approach to influencing the decisions taken in continental forums on crisis resolution.

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