President Nana Akufo-Addo made a strong case for Africa’s economic potential at the opening of the 2024 Africa Prosperity Dialogues (APD) by highlighting the continent’s abundant natural resources and stressing the need of value addition and utilizing the African Continental Free Trade Agreement (AfCFTA) to its fullest.
President Akufo-Addo passionately encourages African nations to shift from traditional resource extraction practices to investing in processing and manufacturing finished goods.
He asserts that industrialization, coupled with adding value to raw materials and robust infrastructure development, is vital for elevating intra-Africa trade from its current negligible levels.
Africa, contributing only 3.0% to global trade, faces historic challenges rooted in a colonial economic model.
Asserting that “Africa is too rich to be poor,” President Akufo-Addo’s call aligns with the growing momentum for the AfCFTA, recognized as the world’s largest free trade zone by participant count.
The agreement holds the potential to boost intra-African trade by 53%, presenting a promising avenue for economic development and diversification.
Despite these prospects, challenges persist, including infrastructure gaps, complex regulations, and limited access to finance hindering seamless intra-African trade.
President Akufo-Addo calls on African leaders to address these obstacles head-on, advocating for streamlined customs procedures, increased infrastructure investments, and enhanced cooperation to fully harness the AfCFTA’s potential.
The Africa Prosperity Dialogues, an annual forum dedicated to advancing economic cooperation and integration across the continent, serve as a vital platform for discussing challenges and formulating collaborative solutions.
With President Akufo-Addo’s rallying cry echoing across the continent, the 2024 edition of APD aims to be a catalyst for transformative change in Africa’s economic landscape, centered around the theme “Delivering Prosperity in Africa: Produce, Add Value, Trade.”