The President of the Republic, Nana Addo Dankwa Akufo-Addo has referred to as on the worldwide investor group to acknowledge early, the truth that Africa is the brand new frontier for manufacturing, for know-how and for meals manufacturing.
In accordance with him, the savage classes of those previous few years, “the place the monetary markets have been set as much as function on guidelines designed for the good thing about wealthy and developed nations, and, throughout instances of disaster, the façade of worldwide co-operation, underneath which they purport to function, disappears, has engendered a renewed dedication in direction of an inclusive and sustainable industrialisation and financial integration.
He stated these classes, skilled at a time when “the world emerged from the grip of the coronavirus to power and meals value hikes, and a worldwide rise in the price of residing,” has ensured that “the need for reform of the system is compelling.”
Nonetheless drawing positives from the dire scenario, the President opined that, “the depth of the challenges we face right this moment is just matched, like by no means earlier than, by the immensity of the chance earlier than us. We, the present leaders of Africa, ought to be decided to not waste the disaster that confronts us.
Persevering with, he advised the gathering of world leaders and enterprise individuals, that, “Africa sees the present geopolitical disaster as a chance to rely much less on meals imports from exterior the continent, and use higher our sixty per cent international share of arable lands to extend meals manufacturing.”
He added that, “now we have seen the devastating influence of counting on Russia and Ukraine for seventy per cent of our wheat consumption. We’ve got sufficient land, sufficient water, sufficient gasoline and sufficient manpower to supply sufficient fertiliser, meals and power for ourselves and for others.”
Nevertheless, “we additionally recognise that we can not do all of it by ourselves. Our message to the worldwide investor group is, due to this fact, this: Africa is prepared for enterprise. Africa wants you and also you want Africa. You want Africa as a result of Africa is busily constructing the world’s largest single market of 1.3 billion individuals. Quickly we may have a customs union, and shortly we may have a continental cost system that can speed up and facilitate commerce amongst ourselves. Then, we is not going to rely solely on the greenback to commerce amongst ourselves. Already, items and companies are flowing extra freely throughout our synthetic borders. See Africa for what it’s: the brand new frontier for manufacturing, for know-how, for meals manufacturing.”
President Akufo-Addo was addressing the World Financial Discussion board’s “Advancing the New Resilience Agenda” occasion on Tuesday, sixteenth January 2024, on the Congress Centre, in Davos, Switzerland.
He stated Africa’s renewed place is drawn from the unfair scenario the place, “the avenues which can be opened to developed nations to allow them take measures that will ease pressures on their economies are closed to growing nations” and the angle of “credit standing businesses having been fast to downgrade economies in Africa, making it tougher to service our money owed.”
President Akufo-Addo maintained that “the tag of Africa as an funding threat is little greater than, in substance, a self-fulfilling prophecy created by the bias of the worldwide cash market, which denies us entry to cheaper borrowing, pushing us deeper into money owed.”
Distributed by APO Group on behalf of The Presidency, Republic of Ghana.
