Strategic and innovative financing a key element to enhancing Africa's Prosperity – Dr. Amin Adam

Minister of Finance, Dr. Mohammad Amin Adam has called on African governments to embrace Public-Private Partnership (PPPs) as a viable solution to bridge the infrastructure gap and drive economic growth.

Addressing participants at the launch of the Africa Prosperity Dialogues 2025 at the secretariat of the Africa Continental Free Trade Area (AfCFTA), Africa Trade House, in Accra on Monday, 13 May 2024, he said, PPPs have proven to be an effective mechanism for leveraging private sector expertise.

"We must explore new avenues for mobilizing resources, including public-private partnerships (PPPs), green bonds, and leveraging digital technologies to enhance financial inclusion and access to capital," he said.

He underscores that “an estimated 546 million people are now living in poverty, and 149 million "non-poor" Africans are at risk of falling into it."

Dr Amin Adam said the UNECA estimates that the annual Sustainable Development Goal financing gap for developing countries has increased by $1.7 trillion” and these indicators demonstrate the fact that the continent’s work is cut out for her.

“The challenges we face, from infrastructure deficits to economic disparities, require collective action and partnership on a continental scale. Therefore, the theme of next year's Africa Prosperity Dialogues, "Delivering Africa's Prosperity through Infrastructure: Invest, Integrate and Connect" resonates deeply with Ghana's vision for a more interconnected and prosperous Africa and AU agenda 2063.

“Africa's infrastructure deficit impedes economic growth and development. Inadequate networks of road, rail, air, and waterways make transport costs in Africa among the highest in the world. ThemAfrican Development Bank estimates that closing the continent's infrastructure gap will require a minimum of $130 billion annually,” Mohammed Amin Adam, remarked.

“Moreover, deficient infrastructure in today's Africa has been found to sap growth by as much as 2% a year. Quite frankly, we have a continental problem that requires a continental solution. As such, we must redouble our efforts to invest in critical infrastructure projects, including transportation, energy, and digital connectivity, to unlock Africa's full potential for trade and investment,” Ghana’s Finance Minister further remarked.

Executive Chairman of Africa Prosperity Network (APN), organizers of the Africa Prosperity Dialogues (APD) Gabby Asare Otchere Darko, addressing the gathering said, investing in the continent’s infrastructure space is pivotal to achieving the vision set out in the AfCFTA agreement.

“Despite the continent’s potential, its infrastructure gap serves as a more potent blockade. The success of AfCFTA hinges on key enablers, such as energy, water, R&D, ICT, transport & logistics, and themdigital economy. This calls for substantial investments in infrastructure, that will yield even greater rewards, enabling our efforts to create a larger pool of good jobs with good pay.

“We stand at a critical juncture in history, where unlocking prosperity, now more than ever, depends on prioritizing investment in infrastructure, connecting our people through infrastructure, and integrating our economies to create and spread opportunities and prosperity to every community,” Mr. Otchere-Darko said in his opening statement.

“This is where we must now direct our collaborative efforts if we are serious about allowing Africans to do business across Africa and for our young people, who will build Africa, to see their future in Africa. At APN, we envision an Africa where every bridge built serves as a flyover to opportunity, and every road paved leads to prosperity.

The United Nations (UN) Resident Coordinator for Ghana, Charles Abani on his part observed that Africa must find the funding resources to be able to bridge the 170 billion dollar financing gap that currently is the reality of the continent of Africa.

The African continent according to Charles Abani, must prioritize projects that have a high impact on economic growth, job creation, and poverty reduction.

High Commissioner of Rwanda to Ghana, Her Excellency, Rosemary Mbabazi in her statement noted that African countries must prioritize the development of digital infrastructure to boost digital trade on the continent.

Ms Mbabazi observed that while it is important to build all the other infrastructure needs of all the continent, digital infrastructure if developed, can serve as a critical launch pad to propel trade in Africa.

She pointed out that to achieve the levels of digital trade required, several key elements should be given attention. First, is the regulatory environment, second, is connectivity that will ensure widespread access to high-speed internet, particularly in rural areas.

Africa Prosperity Dialogues (APD 2025) will focus on unearthing innovative ways through which African heads of state, business leaders, and the private sector, can combine forces to bridge the continent’s infrastructure deficit and shore up the levels of intra-Africa trade.

The APD 2025 will be held in Accra, Ghana from Thursday, 30 January to Saturday, 1 February 2025, on the theme; “Delivering Africa's Prosperity Through Infrastructure: Invest, Integrate, Connect,” and it is expected to attract over one thousand participants from across the continent.

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