Economic development on the African continent would continue to be impeded if leaders do not address the lack of progressive industrial policies, a new report has indicated.

The Aspire West Africa report, which was launched on Friday at the 4th International Business and Economic Conference in Accra, said major barriers to the growth of businesses include inefficient logistics, the lack of adequate housing for companies and families, the lack of medium and long-term financing, as well as weak private sector and malfunctioning institutions.

It said leaders have not evolved efficient long-term plans to make businesses competitive. Dr. Lucy Surhyel Newman, who spoke at the forum, indicated that businesses could gain immensely if they work together.

“There are several reasons why firms in Africa should adopt business integration strategies because they will be able to market their products to billions of consumers and be able to use the technical know-how of neighbouring countries to upgrade production.” She said regional conflicts, corruption, bureaucracy and the lack of viable business networks often hinder the process of integration.

Dr. Newman called on policy makers to focus on restructuring industries to become competitive in external markets instead of attempting to establish business conglomerates in particular sections of the continent. Authur Hubert, Chief Executive Officer (CEO) of Interplast Ghana, also asserted that African countries could deliver quality products in conducive environments.

The forum emphasized the need for African governments to provide reliable power, improve infrastructure, eschew institutional corruption and improve security to enhance productivity and development of Africa.

Entrepreneurs at the forum, who excelled in their various fields of endeavor, were also recognized for their immense contributions.