By Francis Ntow/Patience Bondzie
Accra, May 29, GNA – The Institute of Economic Affairs (IEA) has urged African governments to enhance sustainable growth by prioritising economic independence through efficient resource use, value addition, and stronger intra-African trade.
The call follows recent global trade tensions, notably the United States’ imposition of 10 to 60 per cent tariffs on African exports.
At a forum on the theme “Trump Tariffs: Implications for Africa and Ghana,” Dr Vladimir Antwi-Danso, Senior Fellow at the IEA, said the situation necessitated a unified African response towards economic self-reliance.
“This is the time that we need a common African response; the African Continental Free Trade Area (AfCFTA) is there. We must start by diversifying our production and must speed up the integration process,” he said.
He questioned why the continent still exported cocoa, coffee, bauxite, lithium and other raw resources without value addition, calling for a systemic change.
“We must strengthen the AfCFTA by boosting intra-African trade, silencing the guns and encouraging domestic patronage of African products,” the International Relations Expert said.
“When we are able to produce about 90 per cent of the things we consume, we would be in a better place,” Dr Antwi-Danso added, stressing the need for disciplined economic management.
Professor Aaron Mike Oquaye, former Speaker of Parliament, urged African leaders to focus inward, noting that global trade tensions reaffirm that “there are no permanent friends but interest.”
“At any given time, what we must be looking out for, is interest. No country ever went through a successful industrial programme without shutting its doors, whether it’s China, India, UK or America,” he said.
“… but we’re not only being asked to open our doors, but our windows as well, and this operates badly against us. When we recoil, our focus must be and agriculture and maximising the benefits from our natural resources,” he stated.
Prof. Oquaye urged Africans to learn from the COVID-19 pandemic by adopting self-reliant strategies, saying, “in the face of the current circumstance, we should find ways of self-dependence.”
Mr Samson Asaki Awingobit, Executive Secretary of the Importers and Exporters Association of Ghana, called on the African Union (AU) to lead the continent’s negotiations on international trade tariffs, rather than individual states.
He also urged African governments to incentivise local production through affordable tariffs and lower loan interest rates to support AfCFTA implementation.
GNA
Edited by Kenneth Sackey