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ACBF mobilises $3.3m home-grown financial support for capacity building

Prof. Emmanuel Nnadozie – Executive Secretary of ACBF

African countries have so far contributed $3.38 million towards capacity building in addressing the continent’s transformational growth needs.

But the amount is only 34 per cent of the targeted $5 million earmarked by the African Capacity Building Foundation (ACBF), the technical arm of the African Union on capacity building for a five-year strategy unveiled last year and due for implementation until 2021.

The Executive Secretary of the ACBF, Prof. Emmanuel Nnadozie is optimistic there will be unwavering support by member countries in 2018.

The ACBF 2017 Annual Report released on Wednesday July 18, 2018 ahead of the 27th Board of Governors Meeting of the Harare-based organisation highlights capacity development challenges undermining the continent’s quest to scale-up its growth.

The two-day meeting is preceded by a High-Level Forum on Youth Employment in Africa and is expected to explore critical skills to halt what many experts have predicted to be the next disaster waiting to happen.

The 45-page Report titled “Securing Africa’s future through capacity development”, warns that unless Africa builds and improves on science, technology and innovation capacities, the continent risks being left behind in the race towards inclusive globalisation.

“African countries must thus honour the pledges they made in 1980 and 2005 to invest one per cent of their GDP in research and development and preferably exceed that by investing three per cent of GDP,” the report says.

Last year, the African Union officially designated ACBF as a specialised agency for capacity building, and the ACBF is hoping to leverage on this feat to mobilise adequacy in financial support to fund capacity building initiatives on the continent through its five-year strategic plan.

The plan is premised on African leadership of capacity development financing and will addresse capacity development challenges at continental, regional and country levels using a renewed business model built around five service lines, namely resource mobilisation, advisory, investments, innovation and knowledge.

Erastus Mwencha – Chairman of the Board of ACBF

“ The ACBF with support from the World Bank has successfully supported regional integration, governance and micro-stability and we intend to do more in the coming years,” Erastus Mwencha, Chairman of the Executive Board told www.ghanabusinessnews.com in an interview.

Government officials from all member countries have joined the Executive Board and the Board of Governors in Yaoundé to fashion out policy direction for the organisation for the next year after a review of the past year.

Ghana’s Finance Minister, Ken Ofori-Atta is a current Vice Chairman of the Board of Governors of ACBF while the immediate past Electoral Commissioner, Charlotte Osei is a Vice Chair of the 15-member Executive Board.

Ghana’s delegation to the meetings is led by the Head of the African Union at the Ministry of Finance, Emmanuel Fordjour.

By Emmanuel J. K. Arthur, in Yaoundé, Cameroon
Copyright ©2018 by Creative Imaginations Publicity
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