Vice President Dr. Mahamoudu Bawumia, has made a good case for Africa in a bid to sway investor attention to the continent to accelerate its development.
Dr Bawumia emphasized that the with the trend in population growth of Africa, it is projected that in about 4 decades, Africa will be the world’s most populous continent, possessing vital human resources and market for industries.
Speaking to investors at a joint Africa-India summit, the Vice President stressed that Africa is poised to change the narrative about its past and the underdevelopment that has characterized it and left many of its inhabitants poor.
Dr Bawumia thus suggested that with the right partnerships, Africa could be set for massive economic growth that could transform the continent considering the potential it possesses.
He said, “Let me indicate that Africa is on the move. A continent eager to shake off its past failings due to blind colonial and cold war alignments and bad governance. Africa is the continent of the future, by 2050 Africa will be the most populous continent in the world. The Africa we want can only be achieved in partnership with countries and investments who also believe in this paradigm for change. Africa’s emerging markets offer great opportunity for economic growth and prosperity with over 1.2 billion people and a combined GDP of $2.24 trillion”
To prepare for such partnerships and investments, Dr Bawumia enumerated some trade agreements and policy decisions that the African Union has adopted to facilitate the process.
Ghana, he insisted was very much involved in these agreements and its doors are open just like other African countries to take advantage of such investments.
With its natural resources, the Vice President was optimistic that Africa can venture into partnerships to explore them for its benefit to harness it for their development.
“Africa is the second largest and second populous continent endowed with natural resources which with the right complimentary factors, can be leveraged and harnessed for inclusive economic growth. Africa is home to 10 of the world’s 15 fastest growing economies and this growth rate is expected to boost consumer spending from the $860 billion in 2008 to $1.3 trillion by 2020. Considering the significance of free movement of goods and services and movement of persons across borders to socio-economic development, the Single Air Transport Market, a flagship project of the African Union Agenda 2063, was launched to create a single airport for the whole of Africa. This to allow significant freedom of air transport. On 21st o March 2018 in the Rwandan capital of Kigali, President of Ghana, Nana Addo Dankwa Akufo-Addo and other African leaders had the pleasure of signing the African Continental Free Trade Area” Dr Bawumia disclosed to the gathering.
He was, however, quick to alert the investors and leaders gathered that the summit shouldn’t end without partnerships being formed among investors and trade agreements reached.
Very often, Dr Bawumia noted, such programmes become talkshops where ideas are shared without concrete actions taken to back them for the necessary development.
He hoped that this summit would be different and the fruits of the discussions brought to reality for the development of the country and continent.
He continued, “I encourage the relevant public officials from Africa and India to engage in discussions that can open doors to business and business cooperations and mutually beneficial partnerships. This is a sure way to allow our two sides to explore the opportunities that abound in Africa and India. Let not these meetings be one of those talk festivals. Let us leave here with concrete engagements in business partnerships in key strategic area.”