President Nana Addo Dankwa Akufo-Addo has urged African countries to take inter-trade seriously to enable the continent to resist future shocks.
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 realized 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.