*As Buhari seeks US support for $1.9trn energy plans
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Ghana’s President, Nana Akufo-Addo has urged his African counterparts to stop begging for loans from the West so that the continent can earn global respect.
The Ghanaian president made this known during his opening remarks at the ongoing US-African Leaders Summit in Washington DC on Tuesday. About 50 African leaders and delegates are attending.
Akufo-Addo said the African countries will change the poor perceptions that the developed countries have about the continent if they stop begging.
He advocated that the resources in Africa should be spent on the continent to make it prosperous and get respect.
Akufo-Addo said: “If we stop being beggars and spend African money inside the continent, Africa will not need to ask for respect from anyone, we will get the respect we deserve. If we make it prosperous as it should be, respect will follow.”
Akufo-Addo’s admonition came on the day that the International Monetary Fund (IMF) agreed to give Ghana a $3bn (£2.4bn) loan to alleviate an unprecedented economic downturn in his country.
Ghana’s external debt reached USD 28.1 bn in Jun 2022 with the International Monetary Fund (IMF) forecasting Ghana’s debt to Gross Domestic Product (GDP) ratio of 84.6 per cent in 2022.
Already burdened by high debt, Ghana faces historic inflation of more than 50%, a 21 year high and a fall in the value of its currency – the cedi – economic difficulties worsened since the Russian invasion of Ukraine.
Buhari seeks US support for $1.9trn energy plans
Speaking at the summit on Tuesday, President Muhammadu Buhari asked the United States to support Nigeria’s $10b annual energy investment plans. The initiative aimed to achieve 30 gigawatts of energy by 2030.
The president, who restated the Nigerian government’s determination to achieve the target by 2030, made the requests during the discussion panel on Just Energy Transition at the ongoing US-Africa Leaders’ Summit in the American city.
A statement by Senior Special Assistant to the President on Media and Publicity, Garba Shehu, quoted the president making the request in a rundown given in his address at the event.
“For instance, our analysis shows that delivering the Energy Transition Plan requires $1.9 trillion spending up to 2060, including $410 billion above business-as-usual spending.
“This additional financing requirement translates to a $10 billion investment needed per annum. Between 2000 and 2020, just $3 billion per year was invested in renewable energy in the whole of Africa.
“Consequently, the $10 billion per year target of our Energy Transition Plan represents a significant scaling of current investment flows and we need support from the U.S. to mobilize the needed resources.”
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