The President of Ghana, Nana Addo Dankwa Akufo-Addo has urged African countries to take inter-trade seriously to enable the continent to resist future shocks on its substantial loss to the continent
Closing the three-day Africa
Prosperity Dialogues, President Akufo-Addo said the decision by some 44
countries to sign up for the African Continental Free Trade Area (AfCFTA) is a
clear indication that the continent is ready to trade among itself.
Mr Akufo-Addo 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.”
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 are discussing ways of fast-tracking the implementation of the
AfCFTA, Dr Bawumia said 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.
Mr. 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.
“Africa needs between US$130
billion and US$ 170 billion annually to bridge its infrastructure gap and
generate sustainable growth at 5% per annum or more. This presents immense
opportunities for the private sector investment,” he noted.
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