Africa needs US$600 billion to bridge infrastructural gap - Trade Minister

Minister of Trade and Industry, Kobina Tahir Hammond, has said a total of US$600 billion is needed to bridge the infrastructural gap on the African continent.

He further said trillions of dollars were also needed to solve the continent’s myriad of challenges.

Speaking at the African IPAs capacity building conference in Accra on Monday, October 30, 2023, K.T Hammond said the creation of the Investment Promotion Agencies (IPAs) was a step in the right direction.

He stated that the establishment of IPAs will protect Africa, as well as, open up investment opportunities to the rest of the world.

KT Hammond further said the conference will help leaders and various African countries learn from each other and chart the path for mutual prosperity.

The Minister of Trade and Industry while speaking at the conference said, “I was pleased to hear about your efforts to create a unified platform of African Promotion Agencies and creation of a common platform for African investment promotion agencies is not just a theoretical concept but practical necessity by unifying our efforts, we can amplify and multiply our impact.”

“The estimate is that Africa needs approximately US$600billion annually to bridge its infrastructure gap…and trillions more to confront the myriad of challenges we confront,” he stated.

KT Hammond added that, “If we are to create policies that protect us while opening up these opportunities to the rest of the world, we must necessarily dialogue, learn from each other and chart the path for mutual prosperity”

In his view, collaborating and promoting investment collectively can work towards reversing the years of negative perception and low investment inflows in the continent.

SA

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