Dr Bawumia made these remarks while addressing the ongoing Africa Prosperity Dialogue in Safari Valley, Eastern Region, Ghana.
“The time has come for Africa and Africans to define our own narrative. We cannot allow poverty and underdevelopment to be the destiny of Africa, which is blessed with every natural resource – oil, gas, minerals and sunlight,” said the Vice President of Ghana.
“We have approximately 65% of all arable land available to feed 9 billion people globally by 2050, and we are home to the world’s youngest population. We have everything we need to transform Africa into a future global powerhouse,” Bawumia said the crux of the matter is that despite collectively controlling a significant enough portion of the world market to create a truly powerful bloc, African nations trade little among themselves.
He pointed out that Africa accounts for only about three percent of global trade and intra-African trade is the lowest of any region globally, which he describes as “colonial” economic models characterized by small individual economies. And the disconnected regional markets, over-dependence and low productive capacities we have practiced for 60 years.
Bawumia said the African Continental Free Trade Area (AfCFTA) is the solution and its successful implementation will lead Africa to fulfill its potential.
“As growing economies, we often struggle to attract much-needed investments. However, with the collaborative strength of all 55 member states, we have a population of 1.2 billion, most of whom are young, and a GDP of US$ 2.5 trillion, making Africa the eighth (8th) largest economy in the world. With the right investment, we will be able to sustain economic growth and create the jobs the continent so desperately needs.He said.
Bawumia called the AfCFTA a true game changer that once fully realized “…can increase African trade by some US$ 35 billion and reduce external imports by US$ 10 billion annually.
“It gives our small businesses greater opportunities for growth and the potential to lift more than three million people out of poverty.”
Speaking further, Bawumia outlined critical areas that African countries need to upgrade to take full advantage of this new era of business, including investments in his beloved ‘digital’ sector.
“As a continent, we need to produce and trade our way out of poverty and underdevelopment, and we can’t do that without investing in smart infrastructure across the continent. Although the past decades have seen some positive investments, there is a need for additional resources to finance ‘arteries for trade’, which include physical infrastructure such as roads, rail and energy; Digital infrastructure such as data centers to facilitate digital transformation and financial infrastructure to allow for integrated financial markets.
“These investments will be critical to deliver the success of the AfCFTA… We must create platforms for knowledge brokering and access to critical products and services information across the continent to plug the 445 million small businesses across the continent into these mega value chains. industries.” Dr Bawumia added.
The Africa Prosperity Dialogues is organized by the Africa Prosperity Network, founded by Ghanaian legal luminary Gabby Ocher-Darko.