President Akufo-Addo (M) with Dr. Mohamed Irfaan Ali, President of Guyana (L) and Sahle-Work Zewde, President of Ethiopia (R) with other dignitaries at the APD
Leaders on the African continent have resolved to adopt new ways to enhance production.
Chief among them is their commitment to pursue policies that will enhance the production of manufactured goods, boost value-addition to raw materials, and increase intra-African trade.
Leading businessmen and women, government officials and development partners on the continent made the commitment at the 2024 Africa Prosperity Dialogues (APD) organised by the Africa Prosperity Network (APN), the African Continental Free Trade Area (AfCFTA), under the auspices of the Government of Ghana at the Peduase Presidential Lodge in the Eastern Region.
The three-day dialogues were held under the theme, “Delivering Prosperity in Africa: Produce, Add Value, Trade.” Overall, there were eight (8) high-level sessions. Panel members who participated in the sessions brought multiple perspectives to bear on various topics.
Top business leaders who participated in the dialogues after their extensive deliberations committed to five major endeavours.
Key among them was to collaborate with central banks, financial institutions, and key stakeholders to bolster investments in technology, ensuring the interoperability and standardisation of payment systems across the continent, while actively pursuing enhanced efficiency and consistency in the payment ecosystem.
They also resolved to enhance the production of diversified and value-added manufacturing goods to elevate African nations along the value chain, and third, increase investments in digitalisation and technology to bolster integration within regional and global value chains.
The leaders decided to embrace technologies that enhance agribusinesses through the adoption of modern agricultural practices, including precision farming, drone technology, and Internet of Things (IoT)-based solutions, aiming to significantly improve productivity, efficiency, and sustainability within the agricultural sector.
Apart from that, the business leaders and captains of industry pledged to prioritise investments in critical minerals essential for various emerging technologies while ensuring environmentally sustainable mining practices.
Present was President Akufo-Addo, Dr. Mohamed Irfaan Ali, President of Guyana, and Sahle-Work Zewde, President of Ethiopia.
The rest are Adriano Maleiane, Prime Minister of Mozambique, Tiémoko Meyliet Koné, Vice President of Côte d’Ivoire, Ibrahim Boughali, Speaker of the People’s National Assembly of Algeria, Mohamed M. Abou El Enein, Deputy Speaker of Egypt’s House of Representatives and Chairman & Founder, Cleopatra Group, Egypt.
After their summit with business leaders on the third day of the dialogues, the heads of state and government representatives committed to thirteen (13) strategic policies.
The policies include leveraging public-private partnership (PPP) arrangements to increase investments in infrastructure development, incentivising financial institutions to increase their support for businesses in the manufacturing sectors, as well as leveraging innovative financing mechanisms and private sector participation to foster the development of integrated refineries by oil-rich African nations.
Others include enhancing trade facilitation by simplifying customs procedures, reducing trade barriers, and standardising regulations to strengthen Africa’s integration into regional and global value chains, as well as establishing an enabling environment for industrialisation by promoting diversified and value-added manufacturing, fostering innovation, skill development, and investments in sectors beyond primary commodities, both within and beyond the global value chains.
They also committed to deepen regional integration efforts and leverage the AfCFTA agreement to integrate into regional and global value chains, as well as formulate and implement policies that bolster African companies, including start-ups, enabling their integration at higher levels within regional and global value chains.
The African leaders also committed to increase investments in agriculture to significantly support smallholder farmers, promote climate-smart agricultural methods, value-addition to the continent’s raw materials, as well as nurturing the development and uptake of innovative financial technologies (FinTech), including mobile payments, digital wallets, and online payment platforms, among others.
Interoperability
Interoperability, which is referred to as the basic ability of different computerised products or systems to readily connect and exchange information, was one actionable item that resonated throughout the dialogues among business leaders, heads of state, and industry players.
Selorm Adadevoh, Group Chief Commercial Officer of MTN, Patricia Obo-Nai, Chief Executive Officer, Vodafone Ghana, Dr. Ernest Addison, Governor of the Bank of Ghana, and President Akufo-Addo, in their various submissions at the dialogues, supported the concept and called on decision-makers on the African continent to give interoperability and the architecture needed to implement it all the attention it deserves.
AfCFTA
The African Continental Free Trade Area (AfCFTA) Secretariat, on their part, promised to “provide support to member states of the African Union that have not ratified the agreement, encouraging them to do so and to pursue progress from the Guided Trade Initiative and implement comprehensive trading among all state parties under the AfCFTA agreement.”
Development Partners
Multilateral development banks, regional development finance institutions, commercial banks, investors, and other financiers noted that they are committed to continuing “to collaborate with governments and the private sector to make available attractive and affordable trade finance, supporting private sector engagement with the AfCFTA market.”
Development partners, such as UNECA, UNDP, Africa Development Bank, Afriexim Bank, and others, during the dialogues, noted that they will continue to provide coordinated support to governments, businesses, and the AfCFTA Secretariat, to expedite the full implementation of the AfCFTA.
By Charles Takyi-Boadu, Presidential Correspondent