Sufficient infrastructure crucial for African's economic integration-Entrepreneur

Accra, Sept. 20, GNA - Mrs Kate Quartey-Papafio, an Entrepreneur, has noted that sufficient infrastructure that works effectively is crucial for Africa's economic integration.

She said African economies could begin the process of deep integration if their infrastructure networks are designed to link production centres and distribution hubs across the continent.

Mrs Quartey-Papafio, also the Chief Executive Officer of Reroy Cables Limited, a subsidiary of Reroy Group was of the view that such infrastructure would enable Africa to compete effectively, tap into regional markets, and benefit from globalisation through investment and trade.

Speaking in an interview with the Ghana News Agency in Accra, she sad inadequate infrastructure had increased the transaction costs of business in most African economies.

The Entrepreneur said African countries now exhibit the lowest levels of productivity of all low-income countries and are among the least competitive economies in the world.

Mrs Quartey-Papafio said inadequate infrastructure has been estimated to shave off at least two per cent of Africa's annual growth and that with adequate infrastructure; African firms could achieve productivity gains of up to 40 per cent

She called for an efficient and secure national and cross-border physical infrastructure as well as a coherent system of regulation for business transactions since infrastructure is critical for the promotion of inclusive and sustainable growth.

Mrs Quartey-Papafio emphasised that a considerable investment in infrastructure that uses innovative sources of funding is needed to address Africa's low level of competitiveness.

She noted that a well-developed energy, transportation, and communication infrastructure networks are a prerequisite for linking less-developed communities to markets in a sustainable way.

Mrs Quartey-Papafio called for effective public private partnership in addressing the country's energy situation.

'The private sector is the main engine for economic growth and development, which allows entrepreneurs to set economic activity in motion by bringing resources together to produce goods and services,' she added.

GNA