Vice President Dr Mahamudu Bawumia says time is up to chnage the negative story of the African continent.
He said in most parts of the world, the narrative about this beautiful continent has, sadly, been about poverty, conflict, misgovernance, corruption and underdevelopment.
Vice President Bawumia noted that the time has come for Africa and Africans to define our own narrative., adding that “We cannot allow poverty and underdevelopment to be the destiny of Africa, a continent so blessed with every natural resource imaginable – oil, gas, minerals, and sunshine.
Dr Bawumia was speaking at the launch of the “Africa Prosperity Dialogue (Kwahu Summit)” under the theme AfCFTA – “From Ambition to Action: Delivering Prosperity Through Continental Trade” in the Eastern Region.
He explained that there is everything we need to transform Africa into a global powerhouse of the future.
“We have approximately 65% of all available arable land available to feed 9 billion people globally by 2050 and we are home to the most youthful population in the world.”
He stated that Africa accounts for about 3% of global trade and intra-African trade, one of the lowest of any region globally and that this is largely due to the “colonial” economic model characterised by small individual economies, fragmented and disconnected regional markets, over-reliance and low productive capacities that we have practised for 60 years.
Dr. Bawumia notes that “As growing economies, we often struggle to attract much-needed investments. However, with the collaborated strength from all fifty-five (55) member States, we have a population of 1.2 billion, the majority of whom are young, and a GDP of US$ 2.5 trillion, making Africa the eighth (8th) largest economy in the world. This positions Africa as an attractive investment destination.”
To reverse the trend, vice president Bawumia indicated that with the right investment, “we will be able to sustain economic growth and create the job opportunities that the continent desperately needs.’
He stressed: “The AfCFTA is a real game-changer, and once fully realised, we can increase intra-African trade by some US$ 35 billion and reduce external imports by some US$ 10 billion annually. This will mean more opportunities for growth and for our small businesses and the potential to lift more than 3 million people out of poverty. “
He continued: “like the vision of our forebears, the African Continental Free Trade Area has set the stage for Africa’s industrialisation drive, but, it will take concrete, strategic actions by governments and businesses on the continent, the right mix of policies, a greater sense of purpose for more robust intra-African trade to happen to support economic diversification and the much-needed industrialisation of the continent.”
To bring about the transformation we need, Dr. Bawumia proposed three (3) broad areas that we need to prioritise which are the need for smart investments in critical infrastructure; to unleash the productive capacities across the continent and mobilising finance and investments.
The event has been organised as a solution-driven initiative to fast-track the implementation of the AfCFTA.
This is the time for businesses to dialogue on SMART ways to enjoy the opportunities from the Agreement for a resilient, sustainable, inclusive and prosperous Africa.
Source: mypublisher24.com
