The CEO of Ghana-based LMI Holdings, Kojo Aduhene, has disclosed that Ghana and Africa must industrialize to emerge competitive in the global market.
“There are numerous opportunities on the African continent. Investors must be poised to take full advantage of Africa’s industrial expansion and intra-regional trade growth,” Kojo Aduhene noted in an interview.
“Ghana and Africa must industrialize. To do that, we need to have an enabling environment. We need to make sure we have in place all the infrastructure that will be needed. With individual countries now putting the necessary framework in place, the time is ripe for both the public and private sectors to address infrastructural shortfalls in priority areas, such as power distribution and transmission, alongside water and internet provision.”
Kojo Aduhene
Industrialization, with strong linkages to domestic economies, will help African countries achieve high growth rates, diversify their economies and reduce their exposure to external shocks. This will substantially contribute to poverty eradication through employment and wealth creation.
Leveraging on the African Continental Free Trade
He further stressed the prospects for increased intra-regional trade through the African Continental Free Trade Area (AfCFTA), which is the key to boosting Africa’s competitiveness over time.
“We need to integrate to use various raw materials to compete. The African Continental Free Trade Area is excellent because it forces countries to make decisions. I am excited about it, especially for a company that wants to be known on the African Continent in five or ten years.”
Kojo Aduhene
As Africans, we need to realize the importance of making environmental, social, and governance (ESG) goals a priority in areas such as power generation and transport as another focal point, he emphasized.
“If we don’t look at ESG goals now, we will pay the price in the future. Renewable energy can be cheaper than our current sources if it is done to scale. For regional integration, transport is crucial. Let us develop other more environmentally friendly and cheaper forms of transport, like rail, like waterway transport.”
Kojo Aduhene
On ways Africa can industrialize, Kojo Aduhene stressed the need to ensure urban migration is planned correctly, with affordable housing in rapidly expanding centers a must.
“One way of doing so is to develop smart cities where we can use technology to make living easier, make the provision of leisure, traveling to work, and all of that much simpler,” he mentioned.
“Africa stands on the brink of an exciting new chapter in its growth story, with the implementation of the AfCFTA translating into various openings for investors as the continent moves to lay the groundwork for much-needed industrialization and cross-border trade facilitation. I’m delighted that we’ve offered valuable insight into the plans taking shape across the continent, which will undoubtedly require significant input from the private sector.”
Kojo Aduhene
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