Accra Gears Up to Host Africa’s Leaders at Landmark African Union Peace Fund Event

Accra, Ghana’s bustling capital, is preparing to welcome a range of key
players in Africa’s political leadership, private sector, multilateral
financial institutions, state owned enterprises, high-net-worth individuals
and billionaires for the highly anticipated African Union (AU) Peace Fund
event on this Saturday, July 20, 2024.

This grand event, set to take place at the Kempinski Hotel, aims to
gather support from key stakeholders to enhance the AU Peace Fund’s financial
stability and further its mission of fostering sustainable peace across the
continent.

“The AU Peace Fund event on innovative peace financing mechanisms platform is a pivotal moment for Africa’s peace
and security landscape,” said Ms. Dagmawit Moges, Director of the AU Peace Fund
Secretariat.

Organized in collaboration with Afreximbank, this event reflects a
significant effort to mobilize resources and foster strategic partnerships that
will ensure the sustainability of peace initiatives across Africa. With over
200 high-profile individuals expected to attend, including, government officials, dignitaries, policymakers, and
influential figures from the private sector and financial institutions, the
event will serve as a critical platform for discussions and commitments towards
peace financing.

What is the AU Peace Fund?

Initially established by the Organization of African Unity (OAU) in 1993,
the AU Peace Fund has undergone substantial reforms to become a more effective
tool for promoting peace and stability. A significant milestone was reached in
June 2015 when the Heads of State made a pivotal decision in Johannesburg,
South Africa, through Decision Assembly/AU/Dec.578 (XXV) on the Scale of
Assessment and Alternative Sources of Financing the African Union. This
decision laid the groundwork for the Peace Fund’s revitalization in 2018,
marking a notable transformation towards self-financing mechanisms

“The revitalized AU Peace Fund represents a major
shift in how we approach funding for peace and security activities. By using a
home-grown mechanism, we can ensure reliability, predictability, and
sustainability,” Ms. Moges emphasized.

Currently, the Peace Fund has a robust governance structure that ensures
transparency and accountability. It has successfully raised over USD 402
million, exceeding its initial target of USD 400 million. However, to address
the evolving and expanding peace and security challenges, further resources are
required. The active involvement of the private sector, high-net-worth
individuals, multilateral financial institutions, and corporations is essential
to meeting these needs.

Why Stakeholder Involvement is Crucial?

“The active participation of the private sector
and high-net-worth individuals is crucial. Their support will enable us to
address the complex peace and security challenges facing our continent.
Together, we can create a reliable and sustainable financing mechanism for
peace in Africa,” said Ms. Moges.

By fostering long-term partnerships, the AU seeks to ensure that
peacebuilding efforts are not only adequately funded but also supported by a
broad coalition of committed entities.

The launch event will feature a series of keynote addresses, networking
opportunities, and cultural performances. Attendees will have the chance to
engage with Africa’s most influential leaders, discuss innovative peace
financing mechanisms, and make financial commitments to support the Peace
Fund’s initiatives.

Hosting this significant event in Accra underscores Ghana’s pivotal role
in promoting peace and security across the continent. As a champion for AU
financial institutions, H.E. President Nana Addo Dankwa Akufo-Addo’s leadership
further highlights Accra’s political influence and deep-rooted commitment to
Africa’s progress. Known for its rich cultural heritage, Accra is the ideal
location for such a landmark gathering, showcasing the city’s dedication to
fostering peace and stability across Africa.

As Africa’s political and diplomatic elite gather in Accra for the AU
Peace Fund event, it represents a remarkable step towards securing a peaceful
and stable future for the continent. It is an opportunity to demonstrate
solidarity, share innovative ideas, and commit to sustainable peace financing.

“This event will not only celebrate the progress
made by the AU Peace Fund as part of the AU reforms but also galvanize further support and
resources needed to address Africa’s peace and security challenges,”
Ms. Moges said.

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