The African Union (AU) Peace Fund will launch its high-level innovative peace financing mechanisms in Accra on Saturday, July 20.
The mechanisms aim to boost private sector engagement in resource mobilisation for peace in Africa.
The event will feature some current and former Heads of State and Governments, AU 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.
The attendees, include the President of Ghana, Nana Addo Dankwa Akufo-Addo, Chairperson of the AU Commission, Moussa Faki Mahamat, and Minister for Foreign Affairs, Cooperation, and Mauritanians Abroad, Dr Mohamed Salem Ould Merzoug.
It also features the Director of the AU Peace Fund Secretariat, Mrs Dagmawit Moges, and several officials from various private sector organisations 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 mobilising 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 revitalised 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 realising 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 mobilisation 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 which are the Mediation and Preventive Diplomacy, focusing on preventing violent conflicts through early warning systems and peace-making efforts.
Another thematic Window is Institutional Capacity Building, which strengthens institutions across Africa by supporting Regional Economic Communities and Regional Mechanisms, ensuring transparency and accountability.
Peace Support Operation is the last window which concentrates on observation and stabilisation missions to maintain peace and security.
The Peace Fund finances strategic activities authorised 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 galvanise 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.
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.
“This event will not only celebrate the progress made by the AU Peace Fund as part of the AU reforms but also galvanise further support and resources needed to address Africa’s peace and security challenges,” said Ms Dagmawit Moges, Director of the AU Peace Fund Secretariat.
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