Africa must take inter-trade seriously to resist future shocks – Akufo-Addo
President Nana Addo Dankwa Akufo-Addo has urged African countries to
take inter-trade seriously to enable the continent to resist future
shocks.
Closing the three-day Africa Prosperity Dialogues, President
Akufo-Addo said the decision by some 44 countries to sign up for the
African Continental Free Trade Area (AfCFTA) is a clear indication that
the continent is ready to trade among itself.
Mr Akufo-Addo promised that he will engage the remaining 10 African
States to ensure the full participation of all African States.
“It is encouraging to note that as of November 2022, 44 members
states have ratified the African Continental Free Trade Area (AFCTA),
this is strong evidence of the growing political will and commitment of
the leadership of the continent to achieve market integration in Africa,
and it’s our duty to engage to ensure the full participation of all
members states.”
Meanwhile, Vice president Dr Mahamudu Bawumia has disclosed that Africa
will need between US$130 billion and US$170 billion annually to propel a
sustainable growth of 5 per cent in order to bridge the infrastructural
shortfalls of the continent.
Addressing a high-level conference in Accra of African Ministers of
State, diplomats, policymakers, and business executives, who are
discussing ways of fast-tracking the implementation of the AfCFTA, Dr
Bawumia said even though the AfCFTA has set the stage for the
transformation of Africa, its full prospects can only be realised
through decisive steps by key African stakeholders, and a focus on some
key broad areas he proposed.
Mr. Bawumia intimated that the continent should make conscious
efforts to address the infrastructural deficit needed to facilitate the
implementation of the AfCFTA which will likely come at a cost not less
than US$130 billion a year.
“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,” he noted.
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