Dr. Daniel McKorley, Chairman of the McDan Group, delivered a compelling address to the African diplomatic corps in Guangzhou, advocating for the continent’s self-reliance and the strategic use of its vast resources.

Organized by the Ghana Consulate, the high-level meeting aimed to navigate the evolving global economic landscape and strengthen intra-African collaboration.

Dr. McKorley introduced the Afreximbank’s Pan African Payment and Settlement System (PAPSS), a groundbreaking initiative that facilitates trade using local currencies, thereby reducing reliance on the U.S. dollar and euro.

This innovative concept aligns with China’s strategy to enhance relations with the Global South amidst global economic uncertainties. The discussions underscored the urgent need for improved infrastructure and local resource processing to support sustainable economic growth across Africa.

He highlighted the critical importance of Africa harnessing its own capabilities and resources to achieve self-reliance. This approach aims to decrease dependency on external influences and empower African nations to take control of their development agendas. By focusing on self-reliance, African countries can better navigate global financial volatility and assert greater control over their economic futures. This perspective resonated deeply with the diplomatic corps, leading to engaging discussions on practical measures to realize these objectives.

The meeting also emphasized the urgent need for enhanced infrastructure across Africa. Investment in critical infrastructure projects, such as transportation networks, energy facilities, and communication systems, is crucial for driving economic growth, enhancing connectivity, and unlocking the continent’s immense potential.

Dr. McKorley advocated for the local processing of resources, which can create job opportunities, increase economic value, and build a more sustainable economic ecosystem.

Dr. Daniel McKorley’s address has reverberated within the African diplomatic community, serving as a clarion call for self-reliance and collaborative efforts. The focus on leveraging local currencies, advancing infrastructure, and processing resources locally represents a strategic pathway for Africa to achieve economic independence and sustainable growth. This vision for a self-reliant Africa holds promise for a brighter and more prosperous future for the continent.

In attendance were Ghana Consul General Mr. Peter Manu Owusu, Senegal’s Consul General Mr. Adama Dieye, and the Consul General of Congo Mr. Emmanuel Ebolo, among others.