Africa must demand jobs and factories from Russia deals - Economist urges

Economist Dr Theo Acheampong has urged African governments to secure more jobs, factories and technology from deals with Russia, saying the continent must put its own needs first.

In a Facebook post about his appearance on Al Jazeera English’s Counting the Cost, he said Africa should measure foreign partnerships by how much they improve local economies.

Dr Acheampong said Russia’s growing interest in Africa largely serves its wider global interests.

He noted that African countries also need investment, fertilisers, technology and security support.

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He urged African leaders to work with all major powers without getting drawn into their rivalries.

He pointed to Ghana’s foreign policy principle, “Friends to all, enemies to none,” as a useful guide.

The economist also called for an end to trade arrangements that leave Africa selling raw materials and buying back expensive finished goods.

He said countries should secure fair returns and keep more of the wealth their resources generate.

“Africa cannot industrialise by perpetually exporting what it could competitively process at home,” he stated.

Dr Acheampong said investment agreements should require companies to process more resources locally, train workers and share technology. They should also create opportunities for local businesses to supply goods and services.

He further urged governments to negotiate more firmly and consider becoming part owners of projects where this makes business sense.

This would allow them to share in the profits, although they would also share the risks.

Dr Acheampong said the African Continental Free Trade Area could help countries negotiate better deals by working together. More connected markets and common positions, he explained, could strengthen Africa’s voice in trade and investment talks.

“Africa needs global partnerships, but their success must be measured by factories built, jobs created, technologies transferred and economic value retained, not simply agreements signed,” he said.

DR/MA

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