Africans Lack Trade Among Themselves Says Ghana President

Kindly Share This Story:

His Excellency, Nana Addo Dankwa Akufo-Dankwa, President of Ghana, while delivered his speech as a Guest Lecture for the Annual General Meetings of the Manufacturing Association of Nigeria (MAN) said African governments must therefore find an innovative way of assisting our local industries without breaking the treaties such as the WTO rules, ECOWAS and other conventions we have subscribed to, but then collaborate to ensure that we all development common trade platforms that are of our mutual interest. We need not secure our individual interests to the detriment of the larger African market which provides greater opportunities for our citizens as they freely move and trade amongst themselves, noted he.

 

 

The guest lecture speech was delivered by Honourable Yaw Osafo-Maafo, Senior Minister of the Republic of Ghana representing His Excellency Nana Addo Dankwa Akufo-Addo, The President of the Republic of Ghana, on the occasion of the manufacturers’ annual lecture & presidential luncheon of the 46th annual meeting of the Manufacturing Association of Nigeria (MAN) under the theme: “Mainstreaming Policies To Catalyze Industrial Renaissance” held in Lagos, Federal Republic of Nigeria.

 

“Your Excellency, there can be no appropriate theme to celebrate this 46th Annual Meeting of MAN than the one guiding discussions today – “Mainstreaming Policies To Catalyze Industrial Renaissance” as our continent searches for effective strategies to anchor manufacturing and industrialization in our socio-economic agenda”

Lack of Trade among Africans

President Akufo-Addo said Africa has a population of about 1.3 billion people. Yet our combined GDP is about $2.2 trillion.  When, we compare with USA population which is about 328 million people with a GDP of about $18.3 trillion.  Also, compare Europe population of about 743 million and a GDP of about $17.3 trillion. By population, Africa is about 4 times that of the USA. Yet, USA’s GDP is about 8times that of Africa. Yet, we are the most endowed continent on earth, noted he.

 

In his words: This means that Africa must begin to trade among ourselves concentrating on areas of comparative advantage. We must begin to break the trade barriers among ourselves and form alliances with the various countries Associations of Industries and Chambers of Commerce of the various countries. Through these associations, we may get to know the needs of the various countries and where they are opportunities of trade. This is one of the ways of weaning ourselves from the over dependence of the development partners and transition to the agenda of Africa Beyond Aid.

 

Common Trade Policy Initiatives:

Ghanan President said that Africa stand the chance of benefitting immensely from free movement based trade initiatives if we are able to effectively collaborate and harmonize our local policies to have common policies that are acceptable to our local norms and aspirations.

“Governments in Africa must use the procurement muscle of the state to support industrialization on their respective countries by His Excellency Nana Addo Dankwa Akufo-Addo, the President of the Republic of Ghana.”

 

He cited example saying Policies like the Africa Continent Free Trade Area (AfCFTA) are critical to our economic development especially its ability to boost private sector multinational businesses within the framework of Public-Private Partnerships in a free movement of goods, services and people. Much as the benefits are huge, it is important that we do not rush into taking decisions that will not have the buy-in from all critical stakeholders who drive business growth in Africa.

 

Akufo-Addo reiterated that our countries share common values but there are country-specific issues that we need to critically integrate into our intra-Africa trade policy-initiatives so that we all will be comfortable with what we ascribe to. Our focus in all trade policy development should be a win-win approach, added he.

Dr Frank Jacobs, the President of the Manufacturers Association of Nigeria (MAN).

“It is on this score that I welcome the organizers of the AfCFTA to adopt the bold strategy to undertake a wider consultation with all stakeholders in the massive sensitization and road show programme across Africa, and I am happy that this activity is done in consultation with and within the framework of the African Union Commission of Trade and Industry.

 

Weak Boards and Industrialization Development:

“One other challenge we face in our industrial thinking is our inability to forge and institute a strong and relevant corporate governance culture, systems and processes to drive the purpose, strategy and the vision of our business models. This often lead to the creation of weak, irrelevant boards of governors who are active and rubber stamping of what has been so determined rather than giving a strong and effective responses to counter decisions that are not in the interest of the organizational development.

 

“As leadership is seen as the cause and all others effect, and as the fish rots from the head, those we entrust the long term corporate agenda of our industries and businesses into their hands are equally relevant like the policy-maker in any industrialization policy. Having effective policy alone is not enough. We should have men and women of substance who are resolute and driven by results and understand the policy framework guiding the business environment to play their effective advisory roles for our investment. Let us therefore begin to be circumspect with those we put at the helm of affairs as board members to advise us on the productive application of our investment.

 

“This way we can build institutions that are more focused, stable and strong enough to forge effective collaboration and partnership with the government to lay the appropriate policy-framework to enhance industrialization.

“Weak board of governors creates weak institutions that do not offer any relevant engagement on the industrial field to enhance policy initiations, development and implementation for any effective industrial renaissance. It is my greatest that industries will wean themselves off the syndrome of making family, friends and acquaintances to drive board issues to the detriment of industrial renaissance on our continent.

 

His Excellency Akufo-Addo, The President of the Republic of Ghana noted that “once we get both inter- and intra-Africa trade, investment and industrialization policy mix on the right tangent, we stand the chance of leading the new frontier to affect global industrial decisions for the interest of our people. We have the natural factors to our advantage. What we need is to ensure that we consolidate our economic advantages through effective policy framework to drive our collective desire to deepen industrialization in Africa.”

 

The Caption Photo: His Excellency, Nana Addo Dankwa Akufo-Dankwa, President of Ghana


Kindly Share This Story:

Related Post

Leave a Reply

Your email address will not be published. Required fields are marked *

amehnews greetings

x
%d bloggers like this: