The Chief of Staff at the Secretariat of the African Continental Free Trade Area(AfCFTA) Silver Ojako said on Monday that the implementation of Africa’s free trade area agreement would reposition the continent in the global economy.
Ojako, said this during the launching of the 2024 Africa Prosperity Dialogue (APD), a joint initiative of the AfCFTA secretariat and the Africa Prosperity Network (APN) to drive free trade on the continent to achieve the goals of continental free trade.
The official said the AfCFTA initiative would ramp up the continent’s efforts to harness the full potential of its natural resources in trade and industrialization to promote sustainable and inclusive growth.
He said since the world does not recognised Africa’s immense contribution to the global economy as the major source of natural resources that propelled industrialization and commerce for economic development, the continent needs to shift focus in the use ofits natural resources.
“We drive the global economy because our resources; copper, gold, cobalt, manganese, bauxite, iron ore, among others, that leave our coast drive industrialization for the rest of the world,” the AfCFTA official pointed out.
What Africa will do now is that Ojako stressed, “We will use our resources to drive industrial development and intra-African trade, to drive job creation and prosperity on the continent.”
Ojako said the vision of AfCFTA includes transforming the continent’s vast natural resources and the youthful workforce into productive capacities.
“We all produce almost the same things, but once we move up the value chain and start adding value to these resources, we shall see improvement in intra-African trade and also improve the terms of trade between Africa and the rest of the world,” said Ojako.
The official said the 2024 APD would provide a forum for African countries to deliberate, strategize, and collaborate, focusing on leveraging their natural resources, youthful workforce, and expanding markets to ensure the success of the continental free trade initiative.
Chairman of APN, Garbriel Asare Okyere-Darko, said continental free trade is a non-negotiable first step towards Africa’s economic integration.
“AfCFTA is the most important project of the African Union since the establishment of the continental body nearly 61 years ago,” Okyere-Darko stated.
He said trade involved the private sector, and it was incumbent on Africa’s private sector to own AfCFTA and work hand-in-hand with their political leaders to make free trade the driver of growth.
The maiden APN took place in Jan. 2023 under the theme, “AfCFTA: From Ambition to Action, Delivering Prosperity Through Continental Trade.” The 2024 edition comes off later this month under the theme, “Delivering Prosperity in Africa, Add Value, Trade.”