President John Dramani Mahama has emphasised the need for Africa to shift from being exporter of its natural resources to producers of finished products. Speaking at the Africa Prosperity Dialogues in Accra on Saturday, President Mahama said the current trend of exporting raw materials without adding value was inimical to the development of the continent.
"We must move beyond being exporters of raw material to become producers of finished goods. Whether it is cocoa in Ghana, oil in Nigeria, copper in Zambia, or diamonds in Botswana, we must process and add value to our natural resources," President Mahama said
The Dialogue was on the theme 'Delivering Africa's Single Market through infrastructure: Invest, connect, and integrate'.
Under the auspices of the Africa Prosperity Network, it was attended by President of Comoros, Azali Assoumani and Faure Gnassingbe of Togo.
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According to President Mahama, indigenising their ownership and adding value to the God-given natural resources would boost the economy of the respective countries with its accompanying jobs and enhance the continent's share of global trade.
The circumstances needed for Africa to actively participate in the exploitation and processing of the raw materials, including funds, human and technology, President Mahama said were available for it to be able to up its stake in the utilisation of the resources.
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To attain this vision, he urged that "our governments must therefore work hand in hand with the private sector to drive industrialisation through special economic zones that encourage manufacturing and innovation, as well as access to finance for small and medium-sized enterprises, which are the backbone of our economies."
Investment in technical and vocational education to equip the youth with the skills needed for the industries of the future, he added was also crucial.
He urged that the continent took advantage of the African Continental Free Trade Area (AfCFTA) initiative, adding "With the potential to create the largest free trade area in the world, AfCFTA represents a game-changing opportunity for African businesses, entrepreneurs, and industries."
Trade liberalisation alone, he underscored, was not enough and that the continent must aggressively invest in infrastructure like efficient roads, rail networks, ports, and digital connectivity to facilitate trade.
He advocated the strengthening of intra-African supply chains to ensure that industries produced goods and services that met regional and global standards and harmonise trade policies to eliminate non-tariff barriers and reduce business costs across borders.
"Committing to these actions can unlock a US$3.4 trillion market, creating jobs and prosperity for millions of Africans," he stated.
