His Excellency President Nana Addo Dankwa Akufo-Addo has advised African countries to take inter-trade seriously, in order for the continent to resist future shocks.
President Akufo-Addo made known that, the decision by some 44 countries to sign up for the African Continental Free Trade Area (AfCFTA) is a clear evidence that the continent is ready to trade among itself.
The first gentleman of the land, promised that he will engage the remaining 10 African States to ensure the full participation of all African States.
“It is encouraging to note that as of November 2022, 44 members states have ratified the African Continental Free Trade Area (AFCTA), this is strong evidence of the growing political will and commitment of the leadership of the continent to achieve market integration in Africa, and it’s our duty to engage to ensure the full participation of all members states.”
Akufo Addo
The President, called for the use of tax policies, among others to check illicit financial flows out of the continent.
Mr. Akufo Addo emphasized that illicit financial flows cost Africa close to 100 billion dollars which denies the continent the needed resources to facilitate growth and development. He opined that African states can only stop illicit financial flows out of the continent if they collectively institute measures.
“We need to pay serious attention to and arrest illicit financial flow out of the continent which is estimated at $88 billion annually depriving Africa of significant resources which could be used to support the continent’s development agenda.
“We must urgently and collectively institute comprehensive and unambiguous tax policies to combat tax-motivated illicit financial flows, strengthen legal and law enforcement systems and bring together national agencies to stem such flows.”
Akufo Addo
Africa Needs Between US$130 billion And US$170 Billion Annually To Propel A Sustainable Growth of 5 per cent
Meanwhile, Vice President Dr Mahamudu Bawumia has disclosed that Africa will need between US$130 billion and US$170 billion annually to propel a sustainable growth of 5 per cent in order to bridge the infrastructural shortfalls of the continent.
Addressing a high-level conference in Accra of African Ministers of State, diplomats, policymakers, and business executives, who were discussing ways of fast-tracking the implementation of the AfCFTA, Dr Bawumia divulged that even though the AfCFTA has set the stage for the transformation of Africa, its full prospects can only be realised through decisive steps by key African stakeholders, and a focus on some key broad areas he proposed.
Dr. Bawumia intimated that the continent should make conscious efforts to address the infrastructural deficit needed to facilitate the implementation of the AfCFTA which will likely come at a cost not less than US$130 billion a year.
“This presents immense opportunities for the private sector investment. To bring about the transformation we need, I propose three broad areas that we need to prioritise.”
Dr Bawumia
According to the second gentleman of the land, “First is the need for smart investments in critical infrastructure. As a continent, we need to produce and trade our way out of poverty and underdevelopment, and we cannot do that without investing in smart infrastructure across the continent. While the last decades have seen some positive investments, there is the need for additional resources to finance the ‘arteries for trade’, which include the physical infrastructure such as roads, rail, and energy; digital infrastructure such as data centres to facilitate the digital transformation and financial infrastructure to allow for integration of financial markets.”
Dr Bawumia also proposed “unleashing the productive capacities across the continent.”
“We must create platforms for knowledge brokerage and access to information on critical products and services on the continent to allow 445 million small businesses across the continent to plug into the value chains of these mega industries. We need to develop Africa into a manufacturing zone that will facilitate the trade of value-added products. These, in my view, will be critical to leapfrog Africa’s industrialisation and the enormous socio-economic benefits.”
Dr Bawumia
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