The Founder and Executive Chairman of Africa Prosperity Network (APN), organisers of the Africa Prosperity Dialogues (APD), Gabby Asare Otchere Darko, says the APD 2025 will focus on unearthing innovative ways through which African heads of state, business leaders and the private sector can combine forces to bridge the continent’s infrastructure deficit, and shore up the levels of intra-Africa trade.
Speaking during the launch at the secretariat of the Africa Continental Free Trade Area (AfCFTA), Africa Trade House, in Accra yesterday, Mr Otchere-Darko stressed that investing in continent’s infrastructure space is pivotal in achieving the vision set out in the AfCFTA agreement. He said despite the continent’s potential, its infrastructure gap serves as a more potent blockade.
He revealed that the APD 2025 would be held in Accra from Thursday, 30 January to Saturday, 1 February 2025. It would be on the theme “Delivering Africa’s Prosperity Through Infrastructure: Invest, Integrate, Connect”. It is expected to attract over one thousand participants from across the continent.
He noted that the success of AfCFTA hinges on key enablers, such as energy, water, R&D, ICT, transport & logistics, and the digital economy. This, he indicated, calls for substantial investments in infrastructure that will yield even greater rewards, “enabling efforts to create a larger pool of good jobs with good pay.”
He emphasised the critical need for concerted efforts to facilitate business activities across Africa, and to provide a conducive environment for the continent’s youth to thrive.
He stressed the importance of fostering an environment that encourages entrepreneurship and innovation. According to him, this is essential for unlocking Africa’s vast economic potential, and driving sustainable development.
Continental challenge
For his part, Mr Mohammed Amin Adam, Minister of Finance, pointed out that “an estimated 546 million people are now living in poverty, and 149 million ‘non-poor’ Africans are at risk of falling into it.”
He said the UNECA estimates that the annual Sustainable Development Goal financing gap for developing countries had increased by $1.7 trillion, “and these indicators demonstrate the fact that the continent’s work is cut out for her.”
“The challenges we face, from infrastructure deficits to economic disparities, require collective action and partnership on a continental scale. Therefore, the theme of next year’s Africa Prosperity Dialogues, ‘Delivering Africa’s Prosperity through Infrastructure: Invest. Integrate. Connect’, resonates deeply with Ghana’s vision for a more interconnected and prosperous Africa and AU agenda 2063,” he indicated.
Financing gap
The president for Private Sector, Infrastructure & Industrialization at the African Development Bank, Mr Solomon Quaynor, indicated that to address the African continent’s infrastructure shortfall, the continent needs about 130 to 170 billion dollars a year with a financing gap of 70 to a 110 billion dollars.
“This financing gap is increased as we aim to ensure that all infrastructure today is climate change resilient or compliant. So, closing this gap remains the single important step we can take to structurally boost our economic development, make it more inclusive and competitive, and attain the Africa we want,” Mr Quaynor said.
Funding resources
The United Nations (UN) Resident Coordinator for Ghana, Charles Abani, observed that Africa must find the funding resources to be able to bridge the 170 billion dollar financing gap that currently is the reality of the continent.
The African continent, according to Charles Abani, must prioritise projects that have a high impact on economic growth, job creation, and poverty reduction.
Digital infrastructure
The High Commissioner of Rwanda to Ghana, Rosemary Mbabazi, noted that African countries must prioritise the development of digital infrastructure to boost digital trade on the continent.
She observed that while it was important to build all the other infrastructure needs of all the continent, digital infrastructure, if developed, could serve as a critical launch pad to propel trade in Africa.
(1st left) Gabby Asare Otchere Darko launches the APD25 while other dignitaries cheerfully look
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