How can Africa’s Economic Growth be sustained? -Mahama

How can Africa’s Economic Growth be sustained? President Mahama asks….!!!!

His Excellency John Dramani Mahama, President of the Republic of Ghana, on Tuesday, April 30th, 2013 asked the International Community how Africa’s economic growth could be sustained for the continual benefit of its most vulnerable people. He cited employment for the rapidly growing young population, affordable health care, quality education for all, and gender and class equality as some of the critical pillars upon which Africa’s economic and developmental vision rests.

President Mahama, who was giving the keynote address at “The Times” of London CEO Summit Africa which was held at the Savoy Hotel in London said the International Monetary Fund’s (IMF) projection of 10 countries with high annual growth rate on the continent, including Ghana, could become a mirage if the disturbing cycle of unemployment is not highlighted and addressed.

He stressed that the extent of joblessness could be better appreciated if one considers that Africa’s rapidly expanding labour force could hit 1.1 billion by the end of 2014, making “the continent’s collective labour force bigger than that of China and India”. In calling for the effective management of the continent’s collective labour force, therefore, President Mahama pointed out that it ought to be understood as part of a bigger problem that provides opportunities for the provision of infrastructure to support the projected 50 percent of the population who will migrate to Africa’s urban centres within the next 15 years.

He cautioned that instead of urbanization merely resulting in the indiscriminate mushrooming of slums in African cities, Africa should seize the opportunity to provide equitably, infrastructure such as modern roads, social housing, commercial malls, safe drinking water, and reliable power generation and transmission systems for its rapidly growing population.

He observed that “If I am constantly calling for investment in Africa’s human resource, it is because I recognize that human capital, properly trained and harnessed, remains the key to Africa’s socio-economic and political development”.

He pointed out that Ghana has learnt lessons, both from its own past and the history of other nations. He stressed that these lessons have informed Ghana’s strategic decision to empower local participants as critical players in the country’s newly emerging oil and gas industry.

In order that its effect could be concretized, President Mahama said a draft legislation instrument on local content was being examined to ensure a perfect integration of the extraction of the natural resource with the local economy through gas processing, fertilizer production and refinement of petroleum products among others.

In view of this overarching objective, President Mahama continued, “Africa is seeking partnerships for the mutual benefit of both investors and its people. A partnership that would transfer technology to the continent, a partnership that will create jobs, a partnership that will ensure growth and a decent life for its people”.

Although he recognized that the continent is beset with many challenges, he advised African leaders to consider the building of its human capital and the strengthening of existing national institutions as critical means by which leaders will account to their people.

Earlier on Monday, President Mahama met with the Ghanaian media in London and assured them that government has put in place effective measures to ensure that the current energy crisis the country is facing is tackled once and for all. He said he had personally visited all the energy expansion project sites and was satisfied with the state of ongoing work. This, together with alternative and augmenting sources of energy will ensure that Ghana will fully meet its energy needs by the end of the year.

On the Doctor’s strike, he said his government had met all the doctors’ requirements and was hopeful that they will return to work as their leadership continued to negotiate with the appropriate authorities to iron out all outstanding issues.

Source:

Information and Public Affairs Ghana High Commission London