Africa Holds the Key to Economic Boom – Akufo-Addo Urges a Paradigm Shift

President Nana Akufo-Addo has emphasized that Africa possesses a vast array of natural resources, underscoring the need to unlock its full economic potential through value addition and the effective utilization of the African Continental Free Trade Agreement (AfCFTA).

During the launch of the 2024 Africa Prosperity Dialogues (APD), President Akufo-Addo called on African nations to move beyond traditional resource extraction and focus on processing and manufacturing finished goods.

Highlighting the importance of industrialization, he stated, “Without the capacity to industrialize, add value to our raw materials, and invest in the necessary social, digital, economic, and physical infrastructure, intra-Africa trade will remain low. Africa currently represents only 3.0% of global trade, and intra-African trade lags behind other regions. This challenge is rooted in the colonial economic model that has persisted for over a century.”

President Akufo-Addo emphasized that Africa is rich in resources and should not be considered a poor continent, stating, “Africa is blessed; Africa is not a poor continent. In fact, Africa is too rich to be poor.”

The president’s call for action aligns with the increasing momentum for the AfCFTA, recognized as the world’s largest free trade zone in terms of participating countries. The agreement holds the potential to boost intra-African trade by 53%, providing a promising avenue for economic development and diversification.

Despite the opportunities presented by the AfCFTA, challenges persist, including infrastructure gaps, complex regulations, and limited access to finance, which hinder trade within the continent.

President Akufo-Addo urged African leaders to confront these challenges directly, advocating for streamlined customs procedures, increased infrastructure investment, and enhanced cooperation to fully harness the AfCFTA’s potential.

The Africa Prosperity Dialogues, an annual forum dedicated to advancing economic cooperation and integration in Africa, serve as a platform for discussing these challenges and developing collaborative solutions.

With President Akufo-Addo’s rallying call resonating across the continent, the 2024 edition of APD aims to be a catalyst for transformative change in Africa’s economic landscape, centered around the theme “Delivering Prosperity in Africa: Produce, Add Value, Trade.”