By: Daniel NONOR, Accra
PRESIDENT Nana Addo Dankwa Akufo-Addo has raised grave concerns about fertiliser shortages in most African countries including Ghana, resulting from the Ukraine crisis which he feared could affect maize, soya and poultry production.
This he said represented a clarion call for the African continent to leverage on the opportunities presented by the African Continental Free Trade Area (AfCFTA) as powerful lever for the transformation of the continent’s economies and food systems.
He argued that for a continent that has made the choice of pursuing integration, a lot more effort is needed in liberalising and promoting trade amongst member countries.
The President was addressing participants of the 22nd Academy of African Business and Development (AABD) conference, held at the university of professional studies (UPSA) at Legon, Accra.
He noted that trade between African nations remained low compared to other parts of the world. He said for example, intra-regional trade accounted for 10% of Africa’s total trade in 2000, and increased to 16% in 2015 whereas Intra-regional trading amongst members of the European Union, amounted to 70%, stood at 52% amongst the nations of Asia, and 50% amongst the nations of North America in 2015.
“Indeed, all of the shocks we are experiencing, as a result of COVID and the Russian invasion of Ukraine, may have been felt less if Africa’s focus had shifted sooner from dependence on aid to a focus on production, productivity, intra-continental trade, and exports, instead of imports”, he argued
President Nana Addo noted for example that in 2020, Africa imported some $4 billion worth of agricultural products from Russia, 90% of them being wheat and 6% sunflower oil.
“What stops an African country, like Ghana, from producing and consuming its own tropical oils, like palm and coconut oil, and trading them with Morocco which produces wheat?” he queried
He said together, African countries must strive to build upon its strengths and hold each other up.
“Then and only then can we grow organically, my wielding greater negotiating power to develop the continent “
By enhancing intra-African trade, President Nana Addo said it was time for the continent to take full advantage of this historic opportunity the AfCFTA presents as it provides both, the impetus and catalyst from our needed sustainable development.
“The time to pursue a path of prosperity and self-respect for nations and our continent is now. The concept of Africa Beyond Aid is about acknowledging that we must develop in a sustainable manner, recognize that we must take the bull by the horns and take responsibility for our sustainable growth while perceiving our fellow African countries as key stakeholders in our own development. “
President Nana Addo charged the participants to among others, Articulate on policies that will help strengthen African financial institutions like the African Development Bank, Afriexim Bank, and the Africa Finance Corporation to enable them take over greater responsibility for the financing of Africa’s development”.
And also Advocate for debt cancelation for African countries to provide for sound foundation for our future progress
The president further charged participants to Propose measures to help increase significantly the continent’s capacity for domestic revenue mobilization to help finance the continent’s development potential, create opportunities for the vibrant and dynamic youth and deliver improved livelihoods for our people.
The President is also expecting the conference to examine the measures available to governments on the continent in checking the illicit out follow of capital outside the continent which is currently estimated at 100 billion dollars per year.
The AABD conference brings together researchers, business practitioners, consultants, community leaders, and policy makers to engage in strategic dialogue on business and development in Africa.
The AABD annual conference aims at facilitating multidisciplinary research by stimulating collaborations between Africa-based researchers and professionals and their counterparts around the world.
The conference has delegates from across the African continent and they are expected to deliberate on issues relating to over 14 thematic areas, including Accounting, Finance, and Investment; International Aid, Economic Policies and Strategies; Entrepreneurship, Small Business and the Informal Sector Exporting, Internationalization and Foreign Direct Investment; Information and Communication Technology (ICT) and Digital Transformation; and COVID-19 and Business in Africa.
SOURCE: The Finder