At African Prosperity Dialogues.... Let’s unlock Africa’s potential - Mahama charges continent's leaders

President John Dramani Mahama has called on African leaders to prioritise economic growth, industrialisation and good governance to unlock the continent's full potential and prosperity. 

Speaking at the African Prosperity Dialogues (APD) in Accra last Saturday, President Mahama highlighted the significance of the African Continental Free Trade Area (AfCFTA) in creating a $3.4 trillion market and promoting economic integration.

"With the potential to create the largest free trade area in the world, AfCFTA represents a game-changing opportunity for African businesses, entrepreneurs and industries," he said.

He, however, stressed that trade liberalisation a alone was insufficient, and must be accompanied by investments in infrastructure, strengthening of intra-African supply chains and harmonisation of trade policies. 

"We must invest in infrastructure to facilitate trade; efficient roads, rail networks, ports, and digital connectivity," President Mahama said.

Industrialisation

The President also underscored the importance of industrialisation and value addition, urging African countries to move beyond exporting raw materials, and instead focus on producing finished goods.

"Africa must move beyond exporting raw materials to producing finished goods. Whether it is cocoa in Ghana, oil in Nigeria, copper in Zambia, or diamonds in Botswana, we must process and add value to our natural resources," he said.

President Mahama was of the view that there was a big role for technology and innovation in driving Africa's economic transformation, and urged African leaders to make the right investments in technological advancements.

"The Fourth Industrial Revolution presents Africa with a golden opportunity to leapfrog traditional development models. Digital transformation can drive financial inclusion, improve public service delivery, and create new economic opportunities," President Mahama said.

Governance

On governance, President Mahama stressed the need for transparency, accountability and stability, insisting that investors and businesses would thrive in environments with predictable policies and the rule of law.

"Prosperity cannot be achieved without good governance, transparency and accountability. Investors and businesses thrive where there is stability, predictable policies, and the rule of law," he said.

President Mahama concluded by calling for urgent action, determination and a shared vision for prosperity.

"Africa's time is now. The decisions we make at this conference must not end in resolutions alone. We must act with urgency, determination and a shared vision for prosperity," he said.

Benchmark

The Chairperson of the Advisory Council of the Africa Prosperity Network (APN), Dr Nkosazaana Dlamini Zuma, urged countries aiming to streamline their digital transactions to use the mobile payment platform of Ghana as a benchmark.

She indicated that Africa needed a continent-wide mobile interoperability system, and, therefore, all the fragmentations across African Union (AU) member states further complicated efforts to establish a harmonised digital ecosystem.

Dr Zuma called on African countries to prioritise digital communication and financial platforms in the next five years by investing in broadband, expansion in e-commerce and mobile platforms payment to unlock the potential of digital trade.

Dialogue

The APD was to assist African countries to move from a fragmented continent to an integrated continent and a continental infrastructure investment framework to guide coordinated efforts among governments, investors and development partners for infrastructure development.

The three-day dialogue also highlighted key issues and recommendations that African countries must all commit to.

Logistics, transport

Sharing her thoughts on logistics and transportation across the continent, Dr Zuma pointed out that the infrastructure deficit of Africa significantly impeded the free movement of people, goods and services, while poorly maintained roads, limited airline systems, outdated railways, and inefficient ports drove intra-African trade costs up by 30 per cent to 40 per cent.

She, therefore, urged African countries to fully implement a single African transport market, as well as deregulate air services, to fully liberalise intra-African air transports in terms of access, capacity, frequency and tariffs.

Dr Zuma further observed that there was also a great potential in transportation through the maritime highways of Africa.

“We must aggressively implement the African integrated maritime strategy 2050. We must not only build railways, but we must also manufacture our own trains on the continent,” she emphasised.

Energy

Touching on the energy situation across the African continent, the APN Advisory Council Chairperson said with over 30 countries experiencing regular power outages on the continent, delegates had called for a collective and coordinated regional energy policy and the development of inter-connected power plants to enhance reliable power supply and affordability.

She said it was time for Africa to stop talking, come together and invest to solve its power problem.