Business News of Monday, 2 December 2024

Source: www.ghanaweb.com

The path to Africa's prosperity requires sustained commitment, innovation, and collaboration - Shirley Ayorkor Botchwey

A photogrpah from the event A photogrpah from the event

Shirley Ayorkor Botchwey, Secretary General Elect of the Commonwealth of Nations, has called for sustained commitment, innovation, and collaboration to drive Africa’s journey toward economic integration and shared prosperity.

Speaking at the Partners’ Cocktail engagement for the Africa Prosperity Dialogues (APD) 2025, held at the AfCFTA Secretariat in Accra on November 30, 2024, she highlighted the pivotal role of infrastructure in delivering the continent’s single market vision.

“We stand at a pivotal moment in our continent's journey towards economic integration and shared prosperity,” she declared. “The upcoming Africa Prosperity Dialogues represent a crucial step forward in addressing our continent's infrastructure and cross-border challenges.”

Miss Botchwey emphasized the power of collective action, urging stakeholders to seize the opportunity presented by APD 2025.

“The path to Africa's prosperity requires sustained commitment, innovation, and collaboration. Each conversation, partnership, and initiative brings us closer to realising our vision of Africa as the world's largest single market.”

The highly anticipated APD 2025, set to run from January 30 to February 1, 2025, in Accra, will tackle the continent’s infrastructure deficit under the theme, “Delivering Africa’s Single Market through Infrastructure: Invest. Integrate. Connect.”

Organized by the Africa Prosperity Network (APN), the event will bring together over 1,000 leaders, including heads of government, industry captains, and entrepreneurs, to forge solutions that support the full implementation of the AfCFTA.

Addressing the gathering, Gabby Asare Otchere-Darko, Founder and Executive Chairman of APN, emphasized the need to bridge Africa’s infrastructure gap by engaging the private sector in building transport networks, energy systems, and digital infrastructure.

“We need to aggregate our worth, our work, the riches of our continent, and the richness of our minds,” he said. “Working together politicians, business leaders, and thought leaders, we can achieve the world’s largest single market.”

In a speech read on his behalf, Wamkele Mene, Secretary General of AfCFTA, highlighted the transformative potential of a fully implemented AfCFTA, projecting it could create a market worth $6.7 trillion by 2030 and $16.12 trillion by 2050.

“Infrastructure underpins the AfCFTA’s success by reducing the cost of trade and enabling the seamless movement of goods, services, and people,” he said. Mene called for robust investments in transport corridors, energy systems, and digital networks to unlock this potential.

Ghana’s Minister for Energy, Herbert Krapa, underscored the importance of energy infrastructure in driving Africa’s industrialization. He proposed that APD 2025 prioritize strategies to develop solar and hydropower capacity, enhance cross-border energy collaboration, and establish the African Single Electricity Market (AfSEM).

“Energy infrastructure is the lifeblood of Africa’s single market,” Krapa noted. “We must harness sustainable energy sources and our continent’s gas reserves to power industries and homes.”

Executive Director of Events at APN, Nana Adwoa Hackman, spotlighted the upcoming Africa Prosperity Champions Awards (APCA), which will celebrate distinguished Africans driving development across various sectors. “This prestigious award aligns with the Africa Prosperity Agenda, recognising individuals whose contributions advance the continent’s prosperity,” she said.

The private sector’s role was also championed by Joseph Aidoo, Executive Director of Devtraco Group, who likened Africa’s infrastructure needs to assemble a giant puzzle.

“Infrastructure is the glue that binds Africa’s countries, people, and dreams,” Aidoo remarked.

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