President Akufo-Addo has called upon African leaders to redirect revenues from oil exploration and other extractive sector activities to finance education in their respective countries. Akufo-Addo believes this move is essential to bridge the continent’s education funding gap and achieve the Sustainable Development Goal (SDG) 4 targets.
Africa currently requires approximately $80 billion annually to close the education gap, a task that cannot solely rely on external resources. President Akufo-Addo stressed the need to use internal resources, particularly from the extractive industry, to tackle this challenge.
Highlighting Ghana’s strategy, Akufo-Addo stated, “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.”
The President emphasized his commitment to education as a strategic investment for Ghana’s prosperity and urged fellow African leaders to prioritize education as a key pathway to unlocking the continent’s full potential. Investing in education is not only crucial for immediate educational needs but also for fostering long-term economic growth and sustainability, leading to more prosperous societies.
President Akufo-Addo’s advocacy for using internal resources to fund education aligns with a global trend, where education has proven to be a powerful catalyst for economic development and increased productivity. Experts suggest that prioritizing education in Africa could yield significant returns, contributing to the region’s future prosperity and self-sustainability.
