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President John Dramani Mahama’s call to action for Africa’s economic growth is clear: investing in infrastructure, strengthening supply chains, harmonizing tariffs, and streamlining payment systems are crucial steps to unlock the continent’s vast market potential, valued at $3.4 trillion.
To achieve this ambitious goal, Africa must prioritize infrastructure development, particularly in transportation, energy, and telecommunications.
The African Development Bank estimates that the continent requires between $130 billion to $170 billion annually to bridge its infrastructure gap. This investment will not only enhance connectivity and facilitate trade but also create jobs, stimulate economic growth, and improve living standards.
Strengthening supply chains is another critical area of focus. Africa’s supply chains are often fragmented, inefficient, and vulnerable to disruptions.Indeed, by investing in digital technologies, such as blockchain and the Internet of Things, Africa can enhance supply chain transparency, reduce costs, and improve delivery times.
Additionally, fostering collaboration between governments, businesses, and civil society organizations will help to identify and address supply chain bottlenecks.
Harmonizing tariffs and payment systems is also essential to facilitate trade and economic growth. The African Continental Free Trade Area (AfCFTA) agreement aims to eliminate tariffs on up to 97% of goods traded within the continent.
However, non-tariff barriers, such as cumbersome customs procedures and inadequate payment systems, continue to hinder trade. Streamlining these processes will help to reduce transaction costs, increase trade volumes, and promote economic integration.
In conclusion, President Mahama’s vision for Africa’s economic growth is both timely and Surely , by investing in infrastructure, strengthening supply chains, harmonizing tariffs, and streamlining payment systems, Africa can unlock its vast market potential, drive economic growth, and improve the lives of its citizens.
Story by Lawrence Odoom/Phalonzy
