President Akufo-Addo urges African leaders to fund education with oil revenues
President Nana Addo Dankwa Akufo-Addo
President Nana Addo Dankwa Akufo-Addo has called on African leaders to fund education in their countries using revenues derived from oil exploration and other extractive sector endeavors, Asaase News reports.
Read full articleSpeaking at the 'Year of Education' event during the 37th Ordinary Session of the AU, he emphasised the need for internal resources, such as those from the extractive industry, to bridge the education funding gap on the continent.
President Akufo-Addo highlighted Ghana's commitment to funding education through oil receipts, totaling 144 billion cedis since 2017.
He suggested that other African countries could follow suit, utilising earnings from extractive industries to invest in education. The President acknowledged the estimated $80 billion education funding gap on the continent and emphasised the importance of utilising internal resources for sustainable development.
Former Tanzanian President Jakaya Kikwete, Chair of the Board of Directors of the Global Partnership for Education (GPE), urged African leaders to find innovative ways to secure adequate funding for education amid global economic challenges.
World-renowned economics professor Jeffrey Sachs supported President Akufo-Addo's education model and proposed a radical approach, suggesting African countries consider borrowing around $200 billion annually to bridge the education funding gap, with repayment beginning in 40 years.
The proposals and discussions at the event aimed to address the critical need for increased funding for education in Africa, with a focus on creative and collaborative approaches to financing and achieving inclusive, lifelong, quality, and relevant learning.
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