Accra was the epicentre of hope as leaders from Africa's political and business sectors, along with high-profile individuals, gathered for the African Union (AU) Peace Fund event on July 20, 2024.

Held at the Kempinski Hotel, the event aimed to boost the AU Peace Fund’s financial stability and further its mission of fostering sustainable peace across the continent.

The highlight was Afreximbank’s unprecedented pledge of $210 million over the next three years. This commitment includes grants, technical assistance, a project preparation facility, and seed capital for peace and security initiatives.

Afreximbank President Prof. Benedict Oramah stated, “The peace we seek is not just the absence of conflict, but the presence of conditions that allow our economies to thrive.”

Prof. Oramah’s message inspired attendees, highlighting the essential role of the AU Peace Fund in driving Africa towards peace and prosperity.

The event also featured a cultural performance by Ghana-based Bambu Centre Productions and a welcome address by Mrs. Dagmawit Moges, Director of the AU Peace Fund Secretariat.

“Tonight, we gather not only to celebrate our collective achievements but to forge new paths towards sustainable peace,” Mrs Moges said.

She noted the importance of involving the private sector in contributing to peace in Africa.

Established in 1993, the AU Peace Fund has undergone significant reforms.

The African Union Commission, in partnership with Afreximbank, hosted the gala dinner themed "Fostering Partnerships for Sustainable Peace in Africa."

The event marked the official launch of the revitalised Fund, with leaders advocating for innovative peace financing mechanisms.

In addition to Afreximbank’s substantial pledge, the Standard Bank Group announced a commitment of $1 million to the AU Peace Fund, including an annual pledge of $200,000 over the next five years.

This commitment was reaffirmed by Felicity Osafo Sampong, Chief Risk Officer of Stanbic Bank Ghana.

Many parts of Africa face conflicts and insecurity, undermining trade and economic growth. These challenges have been worsened by global crises like COVID-19 and climate change.

A coordinated approach is required, and the AU Peace Fund is crucial in achieving this. The Fund has mobilised almost $400 million, but increasing security needs require further scaling up.

The AU Peace Fund Dinner Gala was a success, showcasing the need for innovative peace financing mechanisms and strategic partnerships.

Afreximbank’s historic pledge and other commitments are significant steps towards achieving the Fund's goals.

As Africa moves forward, the revitalised AU Peace Fund will play a crucial role in promoting peace and stability.

Moussa Faki, Chairperson of the African Union Commission, noted, “The operationalisation of the African Union Peace Fund and the adoption of the principle of financing African peacekeeping missions from perennial resources are part of significant sectoral progress."

He stated the importance of African-led solutions to the continent’s peace and security challenges.