The Vice President of Ghana, H.E. Alhaji Dr. Mahamudu Bawumia has charged African Business Leaders and Chief Executive Officers ( CEOs) to change the negative narrative about the African continent.
“Some of such narratives, sadly has been about poverty, conflict, misgovernance, corruption and underdevelopment” Dr. Bawumia added.
Delivering a keynote address at the maiden Africa Prosperity Dialogues (APDs) held at Safari Valley Resort, Adukrom -Akuapem in the Eastern Region of Ghana to formerly open the summit series dubbed; the “Kwehu
Summit ” Dr. Bawumia noted, this event has been organised as a solution-driven initiative to fast-track the implementation of the AfCFTA. He further disclosed that this is the time for businesses to dialogue on SMART ways to enjoy the opportunities from the Agreement for a resilient, sustainable, inclusive and prosperous Africa.
According to the Vice President, the time has come for Africa and Africans to define our own narrative. We cannot allow poverty and underdevelopment to be the destiny of Africa, a continent so blessed with every natural resource imaginable – oil, gas, minerals, and sunshine.
The theme for the Business and Policy Leaders was AfCFTA – “From Ambition to Action: Delivering Prosperity Through Continental Trade”.
Dr. Bawumia described AfCFTA is a real
game-changer, and once fully realised, we can increase intra-African trade by some US$ 35 billion and reduce external imports by some US$ 10 billion annually. This will mean more opportunities for growth and for our small businesses and the potential to lift more than 3 million people out of poverty.
To bring about the transformation we need as a continent, Br. Bawumia seized the opportunity to propose three (3) broad areas that we need to prioritise as follows;
First is the need for smart investments in critical infrastructure. As a continent, we need to produce and trade our way out of poverty and underdevelopment, and we cannot do that without investing in smart infrastructure across the continent. While the last decades have seen some positive investments, there is the need for additional resources to finance the ‘arteries for trade’, which include the physical infrastructure such as roads, rail, and energy; digital
infrastructure such as data centres to facilitate the digital transformation and financial infrastructure to allow for integration financial markets. These investments will be critical to delivering the success of the AfCFTA.
Second is to unleash the productive capacities across the continent. We must create platforms for knowledge brokerage and access to information on critical products and services on the continent to allow 445 million small businesses across the continent to plug into the value chains of these mega industries. We need to develop Africa into a manufacturing zone that will facilitate the trade of value-added products. These, in my view, will be critical to leapfrog Africa’s industrialisation and the enormous socio-economic benefits.
Finally, is mobilising finance and investments. Africa needs between US$ 130 billion and US$ 170 billion annually to bridge
its infrastructure gap and generate sustainable growth at 5% per annum or more. This presents immense opportunities for the private sector investment. Attracting private sector participation through Public-Private Partnerships (PPPs) is therefore, essential for the delivery of various infrastructure projects. Furthermore, there is a need for innovative policies to mobilise and allocate resources more effectively, and for better coordination amongst all African stakeholders and international partners.
“we are indeed on the cusp of the realisation of the Africa we want. As key stakeholders, we must consolidate the successes so far and, with a sense of urgency, develop the signature solutions needed to deepen intra-African trade and spur impactful investments needed to bring prosperity to the continent and its people. And we must do this with fearless determination.,” Dr.Bawumia encouraged.
Delegates attendihg the summit comes from various deciplines and backgrounds included Ministers and Deputy Ministers across Africa, Senior Officials of the African Union Commission and the United Nations System,
Members of the Diplomatic Corps, Renowned Chief Executive Officers (CEOs) and Business Leaders across the continent.
For his part, Gabby Asare Otchere- Darko, the founder and chairman of Africa Prosperity Network stated that this year’s gathering is the first of many; the first of such many destiny-shaping retreats that we plan to hold. Your presence here today cannot be at all over-emphasised. “And, we know that with your commitment from this day on, we can build a strong network of Pan-African partnership to make this annual retreat a most powerful, actionable platform of choice for building the one, prosperous Africa we want and know we can get done.,” he stressed.
Touching on the prospect of the Africa Free Continental Trade Area (AfCFTA) Mr. Otchere Darko indicated that in order for it to work and work for us, the workings of the AfCFTA must be seen and felt from this onset to be for the people of Africa. “For our collective ownership and shared benefit. It must be owned by businesses in Africa. The combined voices of Africa’s businesses, big and small, must be heard,” he added.
The founder of APN also stated that the combined voices of Africa’s businesses, big and small, must be heard and felt.
According to him, the aggregate value of enterprises and industries across Africa must be networked, coordinated and impactfully leveraged. ” That is why, we of the APN are pleased to have created this dedicated platform, the Africa Prosperity Dialogues (APN) as an annual retreat where business
leaders, thought leaders, trade associations, development organisations, young and women entrepreneurs, etc., will sit together, think together, plan together, and work together, with urgency, to intensify the efforts towards achieving the goals of AfCFTA.
By Kingsley Asiedu
Let’s Change The Narrative About Our Continent…. Dr. Bawumia Charges African Business Leaders
ghanavoice 