Individual Self-Sufficiency
Vice President Bawumia stressed that African nations must not only prepare for the approaching storm, but also take proactive actions to become more self-sufficient.
"In the context of current global developments, you will see that the global architecture that will emerge as a result of the Russia-Ukraine war, as well as the supply chain interruptions that we have witnessed throughout the world, will become more obvious." Countries will attempt to become more self-sufficient, and this will be the way ahead. There will be a significant increase in self-reliance. Because the lessons are there, you'll hear a lot more requests for South-South cooperation in many sectors.
"When Covid arrived, we were left vulnerable in Africa because we lacked vaccine production capability and were reliant on the generosity of others." As a result, we've begun to try to make our own vaccinations, and our reliance on many other countries for food agriculture has exposed us. As a result, we'll have to put a lot of emphasis on agriculture, among other things.
"I say this because a new architecture will arise, and we must be prepared to participate in that new architecture." However, it will be necessary for our central banks to maintain sufficient foreign exchange reserves in order to weather the inevitable balance of payment crises.
African gold and other mineral-producing nations' central banks should aggressively build up their gold reserves by acquiring traceable and sustainably produced gold at global market prices."
Purchases of gold in the area
He praised the Bank of Ghana for having a program of purchasing locally produced gold to boost reserves, and he pushed other African central banks in gold-mining nations to create and implement a clear policy toward local gold purchases "because it boosts our economies and reserves." This method should not just apply to gold, but also to other minerals. Ghana's latest commercial-scale lithium finding should be used to spur battery manufacture and the development of an electric vehicle industry. And we ought to be in that line of work.
"There's a lot of potential for us to get ready," Dr Bawumia said, reiterating the need for African countries to pursue home-grown problems to face the looming issues. Given what is coming, the new horizon, we need to think a little bit beyond the box. And I believe we can work together with the gold mining corporations who are already here to achieve these goals."
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