ACCRA, Nov. 24 (Xinhua) -- Ghanaian President John Dramani Mahama on Monday urged African countries to strengthen their sovereignty over natural resources amid a steep decline in humanitarian aid.
During the third African Association of Accountants-General Conference in the Ghanaian capital, Accra, Mahama said that the time has come for the continent to rely on its natural resources for development, as developed countries claim they are tired of aiding Africa.
The president highlighted the example of Ghana, which has established the Gold Board to be solely in charge of the purchase and export of gold from the country, making unlicensed gold trading illegal, with stringent penalties.
"The amount of foreign exchange that we get from gold trade has suddenly jumped so high. It just shows what greater control of your natural resources can do, and Africa should not be ashamed of it," Mahama urged.
Moreover, the Ghanaian president observed that the African continent is at a defining moment in its history with its rich talents, resources, and potential, but constrained by debt, vulnerabilities, fiscal pressures, leakages in public expenditure, and gaps in financial reporting.
"Today, technology offers you powerful tools, AI-driven risk detection to flag irregularities in real time, digital procurement systems that reduce human discretion and corruption, integrated financial management systems that ensure end-to-end traceability, and blockchain solutions that secure records and reduce manipulation," he said.
