We need to develop Africa into a manufacturing zone – Bawumia

Vice President Dr Mahamudu Bawumia has said there is also a need to mobilize finance and investments on the continent.

He said this while speaking at the official opening of the Africa Prosperity Dialogues at the Safari Valley Resort at Adukrom in the Eastern Region on Thursday (26 January).

“We need to develop Africa into a manufacturing zone that will facilitate the trade of value-added products. These, in my view, will be critical to leapfrog Africa’s industrialisation and the enormous socio-economic benefits,” he said.

He added “Africa needs between US$130 billion and US$170 billion annually to bridge its infrastructure gap and generate sustainable growth at 5% per annum or more.

“This presents immense opportunities for the private sector investment. Attracting private sector participation through Public-Private Partnerships (PPPs) is therefore, essential for the delivery of various infrastructure projects.”

He further indicated that there is a need for additional resources to finance the arteries for trade.

“There is the need for smart investment in critical infrastructure, as a continent, we need to produce and trade our way out of poverty and underdevelopment, and we cannot do that without investing in smart infrastructure across the continent,” he said.

He added “While the last decades have seen some positive investment, there is the need for additional resources to finance the arteries for trade, which include the physical infrastructure such as roads, rail and energy, digital infrastructure such as data centres and financial infrastructure to allow for integration of our financial markets.”

For his part, the Secretary-General of AfCFTA was speaking at the opening of the maiden Africa Prosperity Dialogues at the Safari Valley Resort in Adukrom in the Eastern Region.

He said, “It is really an honour for us to be part of this dialogue because we have an opportunity as Africans a positive narrative about the challenges that we confront.

“Indeed, I believe that Africa’s challenges are Africa’s opportunities,” he added.