Mr Otchere-Darko, the Executive Chairman of Africa Prosperity Network (APN), has stated that the Africa Prosperity Dialogues (APD 2025) will focus on unearthing innovative ways through which African heads of state, business leaders, and the private sector, can combine forces to bridge the continent’s infrastructure deficit and shore up the levels of intra-Africa trade.
The APD 2025 will be held in Accra, Ghana from Thursday, 30th January to Saturday, 1sst February 2025, on the theme; “Delivering Africa’s Prosperity Through Infrastructure: Invest, Integrate, Connect,” and it is expected to attract over one thousand participants from across the continent.
Addressing participants at the launch of the Africa Prosperity Dialogues 2025 at the secretariat of the Africa Continental Free Trade Area (AfCFTA), Africa Trade House, in Accra on Monday, 13th May 2024, Executive Chairman of Africa Prosperity Network (APN), organisers of the Africa Prosperity Dialogues (APD) Gabby Asare Otchere Darko, said investing in continent’s infrastructure space is pivotal to achieving the vision set out in the AfCFTA agreement.
“Despite the continent’s potential, its infrastructure gap serves as a more potent blockade. The success of AfCFTA hinges on key enablers, such as energy, water, R&D, ICT, transport & logistics, and the digital economy. This calls for substantial investments in infrastructure, that will yield even greater rewards, enabling our efforts to create a larger pool of good jobs with good pay.
“We stand at a critical juncture in history, where unlocking prosperity, now more than ever, depends on prioritising investment in infrastructure, connecting our people through infrastructure, and integrating our economies to create and spread opportunities and prosperity to every community.”
Asare Otchere Darko
Asare Otchere Darko explained that it is the reason where stakeholders must now direct their collaborative efforts if they are serious about allowing Africans to do business across Africa and for the young people, who will build Africa, to see their future in Africa. “At APN, we envision an Africa where every bridge built serves as a flyover to opportunity, and every road paved leads to prosperity”.
“[We intend] to use the next APDs to show what is being done, what has to be done, and what we must commit to having done in the areas of infrastructure to facilitate the free movement of people, goods, and services. Our future as a people rests heavily on our ability to reimagine how to fund and link infrastructural developments and our boldness to get on with it.”
Asare Otchere Darko
Continental Challenge
Dr Mohammed Amin Adam, Ghana’s Minister for Finance in his remarks at the launch ceremony pointed out that “an estimated 546 million people are now living in poverty, and 149 million “non-poor” Africans are at risk of falling into it.
Furthermore, Dr Amin Adam said the UNECA estimates that the annual Sustainable Development Goal financing gap for developing countries has increased by $1.7 trillion and these indicators demonstrate the fact that the continent’s work is cut out for her.
“The challenges we face, from infrastructure deficits to economic disparities, require collective action and partnership on a continental scale. Therefore, the theme of next year’s Africa Prosperity Dialogues, ‘Delivering Africa’s Prosperity through Infrastructure: Invest. Integrate. Connect.’ resonates deeply with Ghana’s vision for a more interconnected and prosperous Africa and AU agenda 2063. Africa’s infrastructure deficit impedes economic growth and development. Inadequate networks of road, rail, air, and waterways make transport costs in Africa among the highest in the world.
“The African Development Bank estimates that closing the continent’s infrastructure gap will require a minimum of $130 billion annually. Moreover, deficient infrastructure in today’s Africa has been found to sap growth by as much as 2% a year. Quite frankly, we have a continental problem that requires a continental solution. As such, we must redouble our efforts to invest in critical infrastructure projects, including transportation, energy, and digital connectivity, to unlock Africa’s full potential for trade and investment.”
Dr Amin Adam
The President for Private Sector, Infrastructure & Industrialization at the African Development Bank Mr Solomon Quaynor, in his key partner message at the launch of APD 2025 indicated that to address the African continent’s infrastructure shortfall, the continent needs about 130 to 170 billion dollars a year with a financing gap of 70 to a 110 billion dollars.
Mr Quaynor thus said “This financing gap is increased as we aim to ensure that all infrastructure today is climate change resilient or compliant. So, closing this gap remains the single important step we can take to structurally boost our economic development, make it more inclusive and competitive, and attain the Africa we want”.
The United Nations (UN) Resident Coordinator for Ghana, Charles Abani on his part observed that Africa must find the funding resources to be able to bridge the 170 billion dollar financing gap that currently is the reality of the continent of Africa.
The African continent according to Charles Abani, must prioritise projects that have a high impact on economic growth, job creation, and poverty reduction. “We must leverage technology and innovation to drive efficiency, sustainability, and importantly, inclusivity in our infrastructure development and lastly, we must bring everybody on board. If you want to go fast, they say, go alone, if you want to go far, go together,” Mr Abani said.
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