President Akufo-Addo has called on African leaders to allocate revenues from oil exploration and other extractive sector activities to fund education in their countries.
He believes this is essential for closing the continent’s education funding gap and achieving Sustainable Development Goal (SDG) 4 targets.
Africa needs approximately $80 billion annually to bridge the education gap, a task that cannot rely solely on external resources.
President Akufo-Addo stressed the importance of using internal resources, especially from the extractive industry, to address this challenge.
“We are funding our education budget largely through our oil receipts, and we intend to continue down that road for the foreseeable future. I don’t know if the $80 billion [education funding gap] the moderator is talking about can be found in oil receipts across the rest of the continent.
“But I believe that the earnings we receive from our extractive industries and mineral resources are best employed if we invest them in education. Looking into the future, Ghana remains steadfast in our commitment to education as a strategic investment for our nation’s prosperity,” President Akufo-Addo remarked.
“We recognise that education is the key to unlocking our nation’s full potential in building a brighter future for generations to come. As we gather here today under the banner of the ‘Year of Education’, let us reaffirm our commitment to making education the top priority on the continent,” he said.
Investing in education is crucial for meeting immediate educational needs and fostering long-term economic growth and sustainability.
Globally, education has been a powerful catalyst for economic development, leading to increased productivity and creating more prosperous societies.
Experts suggest that investing in education in Africa could yield significant returns, with projections indicating a substantial increase in per capita income by 2050 and 2100.
President Akufo-Addo advocates for prioritizing education as a strategic investment for Africa’s future prosperity and self-sustainability.