African Union Peace Fund Hosts High-level Event On Innovative Peace Financing Mechanisms | General News

A distinguished list of current and former Heads of State and Government, African Union Commission Executives and Organs, Ministers, Officials from African Financial institutions, Private Sector Delegates, Philanthropists, High Net Worth Individuals, Regional Economic Communities, and Regional Mechanisms from across Africa will gather in Accra this Saturday.

The occasion is The African Union’s High-Level innovative launching of the peace financing mechanisms, aimed at expanding the engagement of the private sector in resource mobilization for peace in Africa. This significant event will take place on 20th July 2024 at 17:00 GMT at the Kempinski Hotel in Accra, Ghana.

The event will gather an esteemed group of attendees, with notable speakers addressing the event, including H.E. Nana Addo Dankwa Akufo-Addo, President of the Republic of Ghana, H.E. Moussa Faki Mahamat, Chairperson, African Union Commission, H.E Dr. Mohamed Salem Ould Merzoug, Minister for Foreign Affairs, Cooperation, and Mauritanians Abroad, Mrs. Dagmawit Moges, Director, AU Peace Fund Secretariat and several other officials from various private sector organizations and financial institutions in Africa.

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.

A key feature of the event will be the Peace Fund Round Table titled “Fostering Partnerships for Sustainable Peace in Africa”. This panel discussion will explore strategies for mobilizing resources and enhancing collaboration among member states, financial institutions, and the private sector to promote peace across the continent.

The AU Peace Fund is a critical tool in fulfilling the AU’s mandate to achieve peace and security across Africa. Established in 1993 and revitalized in 2018, the Peace Fund now includes a Crisis Reserve Facility (CRF) to respond rapidly to unforeseen requirements. The Fund’s efforts align with Agenda 2063, focusing on realizing a prosperous, integrated, and united Africa, grounded in good governance, democracy, respect for human rights, justice, and the rule of law.

Currently, the AU Peace Fund has over USD 392 million available in its endowment fund, nearing its initial target of USD 400 million. However, more resources are required to ensure predictability, adequacy, and sustainability in addressing Africa’s existing peace and security challenges. Innovative resource mobilization methods, including voluntary contributions from Member States, the private sector, and High Net Worth Individuals, are being explored to meet these needs.

The AU Peace Fund has a robust governance structure to ensure oversight, transparency, and accountability. This includes a Board of Trustees with five regional representatives and international partners from the United Nations and the European Union, an Executive Management Committee, and private fund managers overseeing the assets. An Independent Evaluation Group and a Board of External Auditors ensure resource management is transparent and effective.

The Peace Fund is structured around three key thematic windows:

1. Mediation and Preventive Diplomacy: Focuses on preventing violent conflicts through early warning systems and peace-making efforts.
2. Institutional Capacity Building: Strengthens institutions across Africa by supporting Regional Economic Communities and Regional Mechanisms, ensuring transparency and accountability.
3. Peace Support Operations: Concentrates on observation and stabilization missions to maintain peace and security.
The Peace Fund finances strategic activities authorized by African Union Policy Organs, making it a cornerstone of the African Peace and Security Architecture (APSA).

The High-Level Event on innovative peace financing mechanisms aims to galvanize support from key stakeholders in the private sector, multilateral financial institutions, and high net worth individuals to bolster the Peace Fund’s financial standing and enhance its impact. By investing in conflict prevention and sustainable peace efforts, Africa can save significant costs and build a future where peace prevails, allowing the continent to flourish and reach its full potential.

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’speace and security challenges,” said Ms. Dagmawit Moges, Director of the AU Peace Fund Secretariat.

For more information about the African Union Peace Fund and its initiatives, visit AU Peace Fund.