In an effort to empower the people of Africa a 1 billion dollar development funding pledge has been jointly launched by the governments of Ghana and South Africa. The African Prosperity Fund aims to support projects that include women and youth, education, healthcare, technology and sustainability across the continent.
There has been a concern for decades that some African nations are too reliant on foreign aid. But now African governments and companies are collaborating to alleviate extreme poverty. The African Prosperity Fund was announced a few days ago at the Global Citizen Festival in Accra, Ghana, by President Nana Akufo-Addo.
The idea behind African Prosperity Fund launch by Global Citizen Festival: Yavi Madurai
The fund was launched at the 6th annual Global Citizen Festival Campaign. Co-founder of the African Prosperity Fund, Yavi Madurai explains how crucial transparency and accountability is when using these funds.
“When we look at it now, there is a lot of aid coming into the country for various reasons, but that aid is not translating into development and growth and it’s not translating into prosperity for our people. The prosperity fund looks at how do we close the gap, how do we take on the challenges. When we look at the key challenges across the continent, SA has the same issues that the other 54 nations experience,” says Madurai.
Full interview below: