Re-direct your investment capital to Africa – Akufo-Addo tells diasporans

President Akufo-Addo has extended an invitation to Africa’s living in the diaspora to turn their investment portfolios to the continent, noting that with the coming into being of the Africa Continental Free Trade Area (AfCFTA), the stage is set for the continent to attract their investments for its industrial development and transformation.

Speaking at the maiden edition of the Global Africa Forum (GAF) jointly organised by the Africa Prosperity Network (APN) and the Africa-America Institute (AAI) on Thursday September 21st, 2023, on the margins of the 78th UN General Assembly in New York City, under theme: “Mobilising Global Africa Investment to Boost Intra-African Trade,” President Akufo-Addo said it is time for Africans to spend their monies on the continent to make her the wealthy place it ought to be.

“Like the vision of our forebears, the AfCFTA sets the stage for Africa’s industrialization and transformation. What is required now is for our respective governments and businesses to show bold leadership. We need coherent and complimentary strategic actions by governments and businesses.

“The right mix of policies and strategies for exports, value addition to raw commodities and a greater sense of purpose to ensure a robust intra-Africa trade, to drive agricultural growth, economic diversification and the much-needed industrialization of the continent” President Akufo-Addo said.

“As the saying goes, nothing succeeds as much as success. If we work at it, if we stop being beggars and spend Africa’s money inside the continent, Africa would not have to ask for respect from anyone, we will get the respect we deserve.

“Twenty years ago, thirty years ago, China was not where it is today. China does not ask anyone for respect today, she does not need to. Let us make our continent the joyful and prosperous place it should be and the respect will follow” Akufo-Addo added.

Concrete areas of investment

Secretary-General of the Africa Continental Free Trade Area (AfCFTA) secretariat, Wamkele Mene, addressing the gathering on available areas of opportunity that the AfCFTA believes are accessible to potential investors to explore on the continent, noted that, the AfCFTA has identified some four (4) major areas of interest.

He indicated that the areas as identified by the AfCFTA are the manufacturing sector, the pharmaceutical industry, the agriculture sector and the newly created one (1) billion dollars AfCFTA adjustment fund which has been established to support productive sector investments.

“The fund is not intended for budget support. It is intended for productive sector investments. What we envisage is that you as the diaspora with global capital, will see the adjustment fund as a vehicle for channeling your investment and to see returns on your investments,” Wamkele Mene said.

“These are the four areas that we have identified which are concrete, which we believe will be long lasting and impactful and will create job opportunities in Africa so that millions of young Africans stop being buried deep in the Mediterranean. We can create jobs for them at home on the African continent and that is why I think this dialogue is so very important” he added.

In attendance

Apart from, President Akufo-Addo, other dignitaries who attended the forum included Professor Benedict Oramah, President and Chairman of the board of directors, Afreximbank and H.E. Albert Muchanga, AUC Commissioner for Trade and Industry.

Other attendees were Dr. Amany Asfour, President of the Africa Business Council, Ms. Ahunna Eziakonwa, Assistant Secretary General UNDP-RBA, Derrick Johnson– President, NCAAP, Mr. Julius Mwale, President, and CEO of SBA Technologies Inc, and several other leading Global Africa business leaders.

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