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President Nana Akufo-Addo has stated that Africa sits on a treasure trove of natural resources, but the key to unlocking its true economic potential is adding value and maximizing the African Continental Free Trade Agreement.
Speaking at the launch of the 2024 Africa Prosperity Dialogues (APD), President Akufo-Addo urged African nations to shift from mere resource extraction to processing and manufacturing finished goods.
“Without the capacity to industrialise, add value to our raw materials, and invest to build the social digital, economic and physical infrastructure to connect our people and businesses to customers across Africa, intra-Africa trade will remain at the negligible lows as it has always been. Indeed, Africa accounts for only 3.0% of global trade and intra-African trade is one of the lowest in every region globally. This is largely due to the colonial economic model which has been well in existence over a century.”
President Akuffo Addo further emphasised that “Africa is blessed, Africa is not a poor continent. In fact, Africa is too rich to be poor”.
The president’s call comes amid growing momentum for the AfCFTA, the world’s largest free trade zone by the number of participating countries. With its potential to boost intra-African trade by 53%, the agreement offers a promising pathway for economic development and diversification.
However, challenges remain. Infrastructure gaps, complex regulations, and limited access to finance still hinder trade within the continent.
President Akufo-Addo urged African leaders to tackle these hurdles head-on, streamlining customs procedures, investing in infrastructure, and fostering cooperation to fully realize the AfCFTA’s potential.
The Africa Prosperity Dialogues, an annual forum focused on advancing economic cooperation and integration within the continent, provide a platform for discussing these challenges and forging collaborative solutions.
With Akufo-Addo’s call to action resonating across the continent, the 2024 edition promises to be a catalyst for transformative change in Africa’s economic landscape by “Delivering Prosperity in Africa: Produce, Add Value, Trade” which is the central theme at APD 2024.
Source: Joy News
