Otchere-Darko: AFFC could be significant alternative for funding Africa’s development

The founder and executive chairman of the Africa Prosperity Network (APN), Gabby Asare Otchere-Darko has said the formation of an Arab-Africa Financial Consortium (AAFC) will be a game changer for resource mobilisation and investment in Africa.

The consortium will be an alliance of Arab and African Development Financial Institutions with a common vision for strengthening economic, financial, and technical cooperation between Arab and African countries.

The establishment and operationalisation of the AAFC will also focus on key areas such as institutional frameworks, funding mechanisms, investment priorities, capacity building and regional integration.

Speaking at a news conference on celebrating 50 years of BADEA’s development journey in Africa on Thursday (18 July) Otchere-Darko said Africa must leverage this new partnership to change its funding narrative.

“There is a big challenge in Africa in terms of our capacity to fund our development on terms that are favourable for Africa, maybe over the last decade, we have seen a shift to China for funding to support Africa’s development, but that shift also has its own challenges and limitations.”

“What we are seeing now is the creation of another significant alternative, the Arab-Africa cooperation is already there, but what we are seeing and hopefully we will see from Sunday (21 July) onwards is the strengthening of this relationship because there is a recognition that together, the Arab world and Africa can do more for themselves,” Otchere-Darko said.

Listen to Gabby Otchere-Darko in the attached audio clip below:

Watch the full press conference in the attached video clip below:

Reporting by Fred Dzakpata in Accra

Asaase Broadcasting Company airs on Asaase 99.5 Accra, Asaase 98.5 Kumasi, Asaase 99.7 Tamale, Asaase 100.3 Cape Coast, AsaasePa 107.3 (Accra).
Affiliates: Azay FM 89.1 (Takoradi), Bawku FM 101.5, Bead FM 99.9 (Bimbilla), Mining City Radio 89.5 (Tarkwa), Nyatefe Radio 94.5 (Dzodze), Somuaa FM 89.9 (Gushegu), Stone City 90.7 (Ho) and Wale FM 106.9 (Walewale).
Listen online: asaaseradio.com, Sound Garden and TuneIn.
Follow us:
X: @asaaseradio995, @Asaase985ksi, @Asaase997tamale, @asaase1003, asaasepa1073
Instagram: asaaseradio99.5, asaase985ksi, asaase100.3, asaase99.7tamale, asaasepa107.3
LinkedIn: company/asaaseradio995. TikTok: @asaaseradio99.5, Facebook: asaase99.5, asaase985ksi, Asaase100.3, asaase99.7, AsaasePa107.3.
YouTube: AsaaseXtra.
Join the conversation. Accra: call 020 000 9951/054 888 8995, WhatsApp 020 000 0995. Kumasi: call 059 415 7985 or call/WhatsApp 020 631 5260. Tamale: call/WhatsApp/SMS 053 554 6468. Cape Coast: call/WhatsApp 059 388 2652.
#AsaaseRadio
#AsaasePa
#TheVoiceofOurLand

The post Otchere-Darko: AFFC could be significant alternative for funding Africa’s development appeared first on Asaase Radio.