Akufo-Addo challenges Africa to break barriers to promote trade, investment

African countries have been urged to step up efforts to break barriers to facilitate trading among themselves, as well as attract investment inflow to the continent.

Speaking at a breakfast meeting held in Accra to commemorate the 50th-anniversary celebration of the Arab Bank for Economic Development in Africa (BADEA), President Akufo-Addo said Africans must deal with trade barriers to fast-track the continent’s development potential.

“The continent ought to be committed to breaking barriers for increased trade inflows and investment opportunities since they are indispensable to unlocking its development potentials,” the President noted.

The meeting organised on the sidelines of the 6^th African Union (AU) Mid-Year Coordination Meeting was under the auspices of the Africa Prosperity Network (APN), the Presidency of Ghana and the African Union.

It was a platform organised for AU members to build stronger economic collaboration with the Arab world and was under the theme: “BADEA Prosperity Partnership: 50 Years of Africa-Arab Cooperation”.

The forum was attended by captains of industry, business leaders, development experts and high-profile political figures.

President Akufo-Addo advocated strengthening cooperation between Africans and the Arab World and leveraging the collective strength to address the development challenges confronting Africa.

“The African Union (AU) must work assiduously to build a vibrant economic collaboration with the Arab world”, he said.

Champion for the centralisation of AU Financial Institutions, President Akufo-Addo said Africa must focus on ensuring citizens have access to quality education, emphasising that “By investing in human capital, we can create a more inclusive and prosperous future.”

The President indicated that it was important that efforts were made to strengthen the African Continental Free Trade Area (AfCFTA), underpinned by strong financial and political will to engender the desired economic growth in Africa.

He was optimistic that BADEA’s 50th-anniversary celebration would focus on impactful projects that would help bring economic growth and prosperity to Africans and the Arab people.

The chairman of the Board of Directors of the (BADEA), Dr FahadAldossari assured African leaders, Africa’s financial institutions and business leaders that the newly established Arab-Africa Financial Consortium (AAFC) would step up efforts to achieve its set objective of promoting Africa’s rapid development over the next 50 years.

He said in the next 50 years, BADEA would take immediate steps to institutionalise the AAFC by establishing a secretary to host and coordinate its activities.

BADEA’s President, Dr Sidi Ould Tah, said the institution’s anniversary celebration would give prominence to deepening Africa-Arab cooperation, policy reforms, infrastructural development, trade facilitation, financial integration, capacity building, as well as advancing private sector engagement.