Africa prosperity dialogues summit call from Bawumia: “We must change the narrative about Africa.”

It is time for Africa to break the narrative of poverty and underdevelopment that has been perpetuated on the continent, according to Vice President Dr. Mahamudu Bawumia.

The Vice President asserts that once its leaders figure out how to realize this potential, Africa has all the resources required to become a worldwide superpower.

At the Africa Prosperity Dialogue, which is taking place at Safari Valley in Ghana’s Eastern Region, Dr. Bawumia made these statements.

“Africa and Africans must now construct our own story, the moment has come. The vice president of Ghana said, “We cannot allow poverty and underdevelopment to be the fate of Africa, a continent so gifted with every natural resource imaginable, including oil, gas, minerals, and sunshine.

“We are home to the most young population in the world, and we have nearly 65% of all arable land accessible to feed 9 billion people globally by 2050. The main issue, according to Bawumia, is that African nations trade so little among themselves, despite collectively controlling a sizable enough portion of the global market to form a truly powerful bloc. “We have everything we need to transform Africa into a global powerhouse of the future,” he said.

He made note of the fact that Africa only makes up about 3% of global trade, and intra-African trade is one of the lowest of any region globally, attributing this to what he called largely “colonial” economic models that we have been using for 60 years and are characterized by small individual economies, fragmented and disconnected regional markets, over-reliance, and low productive capacities.

The African Continental Free Trade Area (AfCFTA), according to Bawumia, is the answer to this problem, and if it is successfully implemented, Africa will reach its full potential.

“As developing economies, we frequently struggle to draw in crucial investments. Africa now has 1.2 billion people, the majority of whom are young, and a GDP of US$ 2.5 trillion, making it the eighth (8th) largest economy in the world when all 55 Member States work together. We will be able to sustain economic growth and generate the employment opportunities that the continent sorely needs with the correct investment, he claimed.

When fully realized, the AfCFTA, according to Bawumia, “may raise intra-African trade by around US$ 35 billion and cut foreign imports by approximately US$ 10 billion yearly.”

More opportunities for our small enterprises to expand as a result, with the potential to help more than three million people escape poverty.

In his additional remarks, Bawumia underlined crucial areas that African nations must improve in order to fully benefit from this new era of trade, including investments in his favored “digital” sector.

We need to manufacture and trade our way out of poverty and underdevelopment as a continent, but we can’t do that without spending money on smart infrastructure all over the place. The “arteries for trade,” which include physical infrastructure like roads, rails, and energy as well as digital infrastructure like data centers to facilitate the digital transformation and financial infrastructure to enable integrated financial markets, have seen some positive investments over the past few decades, but more funding is still required.

These investments will be essential to ensuring the AfCFTA’s success. To enable 445 million small companies across the continent to join the value chains of these mega sectors, we must develop platforms for knowledge exchange and access to data on crucial goods and services. Added Dr. Bawumia

The Africa Prosperity Network, established by eminent Ghanaian lawyer Gabby Otcher-Darko, hosts the Africa Prosperity Dialogues.

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