The second Africa Prosperity Dialogue (APD) opened in Ghana on Thursday with African leaders calling for accelerated industrialization to boost intra-African trade and prosperity.
These leaders, including Ghanaian President Nana Addo Dankwa Akufo-Addo, former President Joachim Chissano of Mozambique, and African Continental Free Trade Area (AfCFTA) Secretary General Wamkele Mene, made this call during the opening of the three-day conference at Peduase in Ghana’s Eastern Region.
The leaders urged African governments and the private sector to take advantage of the opportunities presented by the continental free trade area to invest in the capacity to add value to Africa’s abundant natural resources for higher returns and wealth creation.
“Without the capacity to industrialize, add value to our raw materials, and invest, to build the social, digital, economic and physical infrastructures to connect our peoples and businesses to customers across Africa, intra-Africa trade would remain at the negligible lows that it has always been,” Akufo-Addo intimated.
Coupled with industrialization to unlock the full potential of trade, the Ghanaian president said the continent needs to develop efficient transportation and logistics infrastructure, streamline trade processes, and embrace digital technologies to facilitate payments in cross-border transactions.
When these steps are taken to foster intra-African trade, Akufo-Addo said AfCFTA would create opportunities for businesses to expand beyond their borders, driving economic growth and creating a more integrated and interconnected continent.
For that reason, he urged participants at the APD to examine critically the responsibilities and expectations of the private sector, demand the same of the public sector, and assess how both can work as partners to achieve “the Africa We Want. “
On his part, Wamkele Mene, AfCFTA Secretary-General, said the theme of the dialogue, “Delivering Prosperity in Africa: Produce, Add Value, Trade,” and the collective aspiration of a prosperous Africa can only be achieved through enhanced production, value addition, and trade within the continent.
Since the private sector is the pillar for achieving these goals, Mene said the AfCFTA secretariat has been working to create the necessary conditions and environment for the private sector and economic operators to take advantage of fully.
He said the secretariat identified sectors such as agriculture, the automotive industry, pharmaceuticals, and transport and logistics, which would combine to create and establish a market to attract at least 130 billion dollars’ worth of investments into the value chain development.
“It is crucial to deepen the one Africa market and prioritize products made in Africa. This approach is not just about reducing our dependence on imports from other countries; it is about actively producing and exporting goods that generate employment within Africa,” Mene stressed.
He added,” This strategy will not only create local jobs but also ensure that Africa becomes competitive in the global economy of the 21st century.”
Adding his voice to the calls, Joachim Chissano, who is also chair of the Forum of Former African Heads of State and Government, said it would take Africans to shape the prosperous future of Africa.
He urged the governments and private sector of Africa to build systems that would produce and add value to the products to feed Africans and reduce hunger and poverty on the continent.
The APD is organized annually by the Africa Prosperity Network, a continent-wide think-tank, and the AfCFTA secretariat to dialogue on using trade to unlock Africa’s prosperity. The maiden APD was also held in Ghana in Jan. 2023 under the theme, “AfCFTA: From Ambition to Action, Delivering Prosperity Through Continental Trade.”