The President of the Republic of Ghana, Nana Addo Dankwa Akufo-Addo, says Africa must build value-added, industrialised economies with modernised agriculture, which takes full advantage of the digital revolution if she is to create wealth and prosperity for her peoples.
Describing Africa as “a rich continent, if not the richest,” President Akufo-Addo indicated that the continent has the world’s second fastest economic growth rates, the world’s fastest-growing region for foreign direct investment and is in possession of nearly 30 percent of the earth’s remaining mineral resources, with a young, vibrant population.
“Indeed, six of the world’s 10 fastest growing economies in 2018 are in Africa. And yet, the masses of the African peoples remain poor, when we have no reason to be poor,” he added.
Thus, in order to create prosperity for the African peoples, the president indicated, “Our first priority must be to change the structures of the economies on the continent, which are dependent largely on the production and export of raw materials. It is this reliance on raw material exports that feeds our dependence on foreign aid and subjects us to the politics of the West.”
The willingness of many African youth to cross the Sahara Desert on foot and drown in the Mediterranean Sea, in a desperate bid to reach the mirage of a better life in Europe, he explained, should serve as a wakeup call for governments on the continent.
“Africa needs to transform stagnant, jobless economies, built on the export of raw materials and unrefined goods, to value-added economies that provide jobs, to build strong middle-class societies and lift the masses of our people out of dire poverty. We can only do so if we participate in the global market place on the basis not of the exports of raw materials, but on the basis of things we make,” he charged.
President Akufo-Addo made this call on Tuesday, 28th February, 2018 when he delivered the keynote address at the 5th German-African Economic Forum, held in Dortmund, Germany.
The continent’s second priority, he said, should be to increase trade and investment cooperation, and not aid, as it is one of the ways healthy economic relations can be developed between Africa and Germany, and indeed with the rest of the world.
“With Africa’s population set to reach some 2 billion people in 20 years’ time, there are immense opportunities to bring prosperity to Africa and to Germany too, with hard work, enterprise and creativity. I urge German organisations and companies present to take advantage of this, and enhance their trade relations with Africa,” the president articulated.
He continued, “The time to deepen German-African trade and investment is now. We must generate investments in agro-industry, the energy and power sectors and infrastructural development of Africa, capable of producing positive outcomes for the private sectors, especially small and medium-scale enterprises (SMEs) of Germany and Africa.”
“Fourthly, in order for us to build an Africa that meets the aspirations of the African peoples and open up opportunities for all, especially its youth, we must also prioritise our budgetary arrangements to ensure that funds are available to strengthen key institutions of state, such as the Legislature, Judiciary and fiscal institutions,” he proposed.