Youth empowerment, as emphasized by Kate Djankwei Abbeo, Deputy Chief Executive Officer of the Ghana Free Zones Authority (GFZA), is the most reliable strategy for ensuring sustainable economic development.
Recognizing that the youth represent the nation’s future, she underlined that genuine economic growth can only be achieved by enabling young people to seize opportunities within the economy.
Speaking at the 2023 Ghana Economic Forum (GEF) in Accra during a panel discussion on the topic of ‘Looming global recession?
A myth or an awakening reality considering present challenges facing the financial sector and the business environment,’ Ms. Abbeo called for comprehensive policy measures and interventions aimed at harnessing the productive potential of the country’s youthful population.
“We have a very skillful, trainable, agile and youthful population. And it is truly a rich resource that we have not actually exploited,” she said.
“I think for a long time our economy has been carried to where it is by cocoa farmers. We need to have innovative ways of earning the hard currencies,” Mrs. Djankwei Abbeo stated, emphasising that the country’s future rests on intentionally supporting youth-led ideas.
Importance of SMEs
Mrs. Djankwei Abbeo also emphasized the pivotal role of robust small and medium-sized enterprises (SMEs) in capitalizing on the opportunities arising from the African Continental Free Trade Area (AfCFTA).
Over 90 percent of the country’s private sector enterprises fall under the SME category.
In light of this, she stressed the need for authentic engagement with these enterprises, understanding their specific requirements, and acknowledging that funding isn’t the sole solution for all.
Some SMEs may simply require improved access to markets.
She underscored the importance of recognizing that Ghana has made a commitment to the African Continental Free Trade Agreement, which has its headquarters in the country.
“How are we taking advantage of this new-found market access? We should leverage this position by actively engaging with our SMEs to understand their real needs. Some will indeed require funding, while others may need guidance and support to capitalise on the available market opportunities,” she added.
The initiation of AfCFTA establishes the largest global free trade zone, connecting 55 nations with a combined population of 1.3 billion people and a total gross domestic product (GDP) valued at US$3.4 trillion.
Furthermore, it carries the potential to elevate 30 million people out of extreme poverty. Yet, unlocking its complete potential relies on the execution of significant policy adjustments and the facilitation of trade.
2023 Ghana Economic Forum
This year’s GEF included three sessions with the themes “Building Back Better: IMF Support, Strategies to Build a Sustainable Economy, and Dynamic Business Environment,” each intended to emphasize the important areas of focus in the country’s efforts to restore economic development and stability.