The governments of Ghana and South Africa have jointly announced a 1 billion dollar development funding pledge in an effort to empower the people of Africa. The African Prosperity Fund aims to support initiatives that benefit women and young people, as well as those that promote sustainability, technology, healthcare, and education.
For many years, it has been feared that some African countries rely too heavily on aid from abroad. However, in order to combat extreme poverty, African governments and businesses are now working together. President Nana Akufo-Addo recently introduced the African Prosperity Fund at the Global Citizen Festival in Accra, Ghana.
At the sixth annual Global Citizen Festival Campaign, the fund was introduced. Yavi Madurai, co-founder of the African Prosperity Fund, explains how crucial accountability and transparency are when using these funds.
“When we take a closer look, we see that the country is receiving a lot of aid for a variety of reasons, but that aid is not resulting in prosperity for our people or in development and growth. The prosperity fund examines how to deal with challenges and close the gap. When we consider the main issues on the continent, SA shares these problems with the other 54 countries, according to Madurai.