Femi Kuti, Stonebwoy, Gyakie, others join global leaders in Abidjan to support $120b African Development Fund

In a powerful display of unity and commitment to Africa’s future, a diverse group of artists has joined forces with world leaders, CEOs, and philanthropists to sign the Abidjan Accord, a landmark initiative calling for a $120 billion investment in African development. 

The accord, unveiled at the Economic Development Assembly: Advancing Africa’s Future in Abidjan, Côte d’Ivoire, Thursday, aims to persuade G20 governments to increase their contributions to the World Bank’s International Development Association’s 21st funding round (IDA21),  a fund dedicated to lifting 77 of the world’s poorest nations out of poverty.

Read the Abidjan Accord at globalcitizen.org/abidjanaccord.

Among the signatories are several prominent African artists, including Ariel Wayz, Berla Mundi, Davy-Carmel Ingabire, Falana, Femi Kuti, Gyakie, Jeune Lio, Made Kuti, Nomzamo Mbatha, Sophy Aiida, and Stonebwoy. These artists, known for their musical talents and cultural influence, have lent their voices to a cause that transcends entertainment, demonstrating the power of art in driving social and economic change alongside global corporate giants Intel and Cisco. The list also includes former world leaders such as Heinz Fischer, former President of Austria, and Leo Varadkar, former Prime Minister of Ireland.

The two-day assembly featured an impressive lineup of speakers, including current African heads of state such as H.E. Alassane Ouattara, President of Côte d’Ivoire, and H.E. Mohamed Ould Ghazouani, President of Mauritania and current Chairperson of the African Union. World Bank President Ajay Banga also lent his voice to the proceedings, underscoring the institution’s commitment to African development.

Hugh Evans, Co-Founder & CEO of Global Citizen, one of the presenting partners of the event, highlighted the urgency of the situation: “Too many developing countries are saddled by high-interest loans, strangling their economies and diverting funding that should be supporting social services such as healthcare, education, nutrition and building infrastructure. Fully funded, IDA has the potential to improve living conditions for almost 2 billion people.”

The assembly wasn’t just about speeches and signatures. It also saw the announcement of several concrete initiatives aimed at advancing development across the continent. Notably, Côte d’Ivoire demonstrated its commitment by fully paying $9.9 million in co-financing to Gavi, the Vaccine Alliance, for 2024. This contribution is part of a larger trend, with African countries having passed the $100 million mark in co-financing paid to Gavi for the second consecutive year.

In a move to enhance vaccine delivery to rural communities in Côte d’Ivoire, drone delivery service company Zipline announced an extension of its partnership with Gavi, valued at $500,000. This innovative approach promises to overcome logistical challenges in reaching remote areas with vital healthcare supplies.

The private sector also stepped up, with Energea and Hecate Energy announcing a collaboration to build utility-scale solar installations across Africa. This partnership aims to power millions of African homes and businesses, contributing to the continent’s sustainable energy future.

Recognizing the importance of Africa’s creative industries, Global Citizen and the Center for Music Ecosystems revealed plans to produce research making the business case for investment in Africa’s creative economies and live events industry. Funded by Universal Music Group, this initiative seeks to drive informed investment decisions in a sector with immense potential for economic growth and cultural expression.

Dr. Phumzile Mlambo-Ngcuka, Former Executive Director of UN Women and Deputy President of South Africa, emphasised the collective nature of the effort, saying, “Today I join with 70 other leaders, organisations and individuals by adding my name to the Abidjan Accord, which is an urgent call to leaders of the G20 nations to urgently step up and invest to advance Africa’s future.”

The assembly also featured performances by artists Falana, Jeune Lio, and Yvonne Chaka Chaka, adding a cultural dimension to the proceedings and highlighting the vibrant creativity of the continent.

As the event concluded, attention turned to the upcoming G20 Summit in Rio de Janeiro, Brazil, in November, and the IDA21 replenishment conference in Seoul, Korea, in December 2024. The Abidjan Accord serves as a powerful prelude to these crucial gatherings, setting the stage for substantive discussions on Africa’s role in the global economy.

Nir Bar Dea, CEO of Bridgewater Associates, summed up the significance of the assembly: “The Economic Development Assembly in Abidjan highlighted the importance of collaboration between the private, public, and civil society sectors to discuss some of the most difficult challenges and opportunities that Africa faces – and the impact they will have on the global economy.”

As the world’s attention turns to Africa’s potential, the Abidjan Accord stands as a testament to the continent’s importance in shaping the global future. With continued support and investment, Africa is poised to become a driving force in the world economy, offering opportunities for growth, innovation, and prosperity that extend far beyond its borders.