The African Prosperity Network (APN), in collaboration with The Presidency and the AfCFTA Secretariat, has successfully launched its inaugural dialogue, at the African Free Trade Continental Area office here in Accra. This landmark event serves as a strategic platform aimed at fostering intra-African trade and enhancing prosperity across the continent.
The summit is designed to bring together the highest echelons of political and business leaders in Africa to discuss and devise clear, actionable initiatives aligned with the African Union’s Agenda 2063.
The theme of this year’s dialogue, “AfCFTA: From Ambition to Action, Delivering Prosperity Through Continental Trade,” underscores the collective ambition of African nations to leverage the African Continental Free Trade Area (AfCFTA) as a catalyst for economic growth and prosperity.
The discussions during the summit highlighted the importance of facilitating the free movement of people across borders, a crucial aspect of the successful implementation of AfCFTA.
“Private-public partnerships considering the pace, bureaucracy, and requirements may be an alternative but it is not the only solution. We as a country need to look beyond PPP models and push in the needed capital to get our railway sector working at full capacity for haulage and passenger services.”
Hon. John-Peter Amewu, the Minister for Railway Development, and Hohoe M.P.
Hon. Amewu further highlighted the need for a comprehensive approach to railway infrastructure development, including support from donor agencies, bilateral financing arrangements, and government-led models. He also acknowledged the significant investments made by the current government in the railway sector, emphasizing the need for continued investment to achieve full capacity for haulage and passenger services.
Furthermore, Hon. John-Peter Amewu, the Minister for Railway Development, and Hohoe M.P. discussed the importance of railway development in Ghana and the financial investments required to revitalize the railway sector.
Hon. Amewu’s remarks underscored the potential of an African Railway Network to drive trade within Africa, provided each country develops its internal rail system to foster economic growth. This perspective aligns with the broader goal of the summit to explore practical ways to achieve the vision of integration and ensure seamless trade between countries to boost Africa’s economy and create more jobs.
Hon. Herbert Krapa, Deputy Minister for Trade and Industry, also emphasized the need for political momentum towards the ratification of the protocol on the free movement of persons. He argued that without this, trading under AfCFTA would face significant challenges.
The AfCFTA Secretariat was called upon to lead the way in securing the ratification of the agreement by at least 15 member states. Additionally, the facilitation of “low-hanging fruits” such as visa-on-arrival was suggested as an immediate measure to ease cross-border movements.
The dialogue also addressed the broader issue of supporting Micro, Small, and Medium-Sized Enterprises (MSMEs) across Africa. Hon. Samuel A. Jinapor, Caretaker Minister for Trade and Industry, emphasized the critical role of MSMEs in driving economic growth, citing their significant contribution to Africa’s Gross Domestic Product (GDP) and job creation.
Hon. Samuel A. Jinapor, Caretaker Minister for Trade and Industry stated, “An estimate by the International Finance Corporation reveals that Micro, Small, and Medium-Sized Enterprises (MSMEs) account for about 90% of all businesses in Africa, and provide about 80% of jobs across the continent.”
The summit concluded with a resounding call for African leaders to prioritize the needs of MSMEs and to take decisive action to support their growth and development. The event served as a testament to the commitment of African nations to work collaboratively towards realizing the vision of integration and prosperity through initiatives like the AfCFTA.
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