President John Dramani Mahama emphasized the transformative potential of infrastructure investment in unlocking Africa's $3.4 trillion market. He highlighted that developing key sectors such as transportation, energy and digital connectivity is essential for the continent's economic growth.

Mahama pointed out that Africa's infrastructure deficit significantly hampers trade and development. He cited reports indicating that inadequate infrastructure reduces the continent's economic growth by 2% annually and cuts productivity by up to 40%.

He also referenced the assertion that Africa requires approximately $3.4 trillion to develop necessary infrastructure, including energy, logistics, roads, bridges and digital networks, to support its digital transformation.

Mahama stressed that investing in infrastructure would facilitate the success of the African Continental Free Trade Area (AfCFTA), creating a single market of over 1.2 billion people with a combined GDP exceeding $3.4 trillion. He urged African governments and private sector stakeholders to collaborate in mobilizing resources for infrastructure projects, aiming to enhance trade, create jobs and improve living standards across the continent.

Mahama called for a unified approach to infrastructure development, emphasizing that such investments are pivotal for Africa to realize its full economic potential and achieve sustainable growth.



Source: citinews