President Akufo-Addo has disclosed that Africa has great market prospects for manufacturers and exporters from Spain and Europe.
According to His Excellency the President, this forms a crucial part of the new strategic partnership between Africa and Spain. As such, it would be a strong support for the AfCFTA.
Speaking at the “Focus Africa 2023” Conference held in Madrid, in Spain, President Akufo-Addo specified that the AfCFTA will link all the fifty-four markets of Africa.
“Imagine the investment and business opportunities offered by the infrastructure required to link our markets more effectively. And imagine the business opportunities that this huge market would offer for manufacturing and services’ firms from Spain and Europe that could establish production facilities in Africa to serve the African markets.”
President Akufo-Addo stressed on enhanced growth associated with it. He further emphasized that “the market opportunities for exporters from Spain and Europe could be truly amazing!”
Strategic partnership between Africa and Spain
He further iterated the commitment of African leaders to chart a new path of trade and investment co-operation with the rest of the world. President Akufo-Addo explained that, Africa is in possession of a vast endowment of resources.
That notwithstanding, the President expressed that it is disheartening to acknowledge that African youths do not see a future in their respective countries.
“It is eloquent testimony to the inability of the current structures of African economies producing and exporting raw materials, importing manufactured goods and services from Europe and elsewhere – to generate the numbers of decent, well-paying jobs that Africa’s youths crave”.
Additionally, the President further disclosed that “the time has come for Africa, Spain, and, indeed, the rest of Europe, to establish a sustainable, strategic partnership based on trade and investment co-operation on the exchange of value-added transactions. It would obviate the resort to aid, which has not achieved its purpose.”
Focus Africa 2023 is achievable
Touching on the pandemic of COVID-19, the President emphasized the need for global co-operation. The President noted it has become necessary because of the inception of the virus which has disrupted countries globally, for instance.
“We need to co-operate more, and we need to co-operate smartly. In the midst of all the complexities of the 21st century, our interdependence requires such co-operation. So, I applaud Prime Minister Pedro Sánchez for convening “Focus Africa 2023”; and for the brilliance of the Plan Africa III initiative”.
Despite the ruin caused by the virus, President recounted governments policies being implemented to accelerate economic development.
These developments have been undertaken through improved macroeconomic management and curbing excessive bureaucratic procedures.
President Akufo-Addo urged the Spanish Prime Minister to collaboratively help bring the deliberated plans to life.
“We have set our sights high. And to our friends in Spain and Europe; I urge you to join us in building a continent of prosperity and societies of equal opportunities for all”.
Ghana experiences improved business environment
The President in his address at the meeting intimated that government spent the first term of governance correcting the fundamentals of the
Some of the measures President Akufo-Addo highlighted includes reduction in cost of doing business. He further revealed that government also helped improve the business environment; making the “Ghanaian economy not only one of the most business-friendly economies in Africa”
“…but also one of the fastest growing economies in the world between 2017 and 2020”.
Additionally, he extolled Ghana’s economy as one of the very few that still managed to record a positive GDP growth.
“In spite of the ravages of the pandemic, we are working to grow the economy at a much faster rate this year, our target being a five percent (5%) GDP growth rate, which will enhance the prospects of a win-win environment for both private sector and country; an environment where companies do not just survive, but actually thrive”.
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