By Christopher Arko
Accra, Jan. 27 GNA – Former President John Dramani Mahama has called for a Marshal Plan for Africa to provide economic assistance towards the restoration of fiscal infrastructure of the continent.
He also welcomed the Global Gateway Programme of the European Union (UN) that seeks to mobilise 300 billion Euros over the next seven years for infrastructure in Africa and the rest of the developing world.
“The time has come for an African version of a Marshal Plan. I note and applaud the Global Gateway Programme of the EU that seeks to mobilize 300 billion Euros over the next seven years for infrastructure in Africa and the rest of the developing world, ” he said.
Mr Mahama said this when he delivered a lecture at Chatham House in the United Kingdom under the theme: “Africa’s strategic priorities and global role”.
The lecture among other things discussed the prospects for economic recovery and growth on the African continent in light of recent debt crisis that has compelled African countries, including Ghana to seek debt treatment under the G20 Common Framework.
The former President also called for the reinstitution and extension of the Debt Service Suspension Initiative (DSSI) to afford African countries some limited fiscal respite.
According to him, the expansion of the Common Framework for Debt Treatment Beyond the DSSI would help African countries to access the debt restructuring tools and mechanisms.
He said If Africa was to survive and be a source of hope for the rest of the world, then Africa as an imperative must speedily harness the advantages it had, to ensure inclusive growth for its people.
Mr Mahama said with the continent boasting of the world’s largest free trade area with an over one-billion-person market, it was prime to carve out a new developmental pathway.
He underscored the need for the African Continental Free Trade Area (AfCFTA) agreement for 55 countries with a combined GDP of over US$3.4 trillion to present opportunities for shared growth and prosperity for Africa and the rest of the world.
“I expect AfCFTA not to de-emphasize the prospects of SMEs as we promote new markets and encourage foreign investments. SMEs have sustained Africa and will continue to do so for a long while. I also urge AfCFTA to secure intellectual property rights of Africans as we partner already mature businesses,” he said.
Mr Mahama asked AfCFTA to support the African Union for greater integration to allow for greater labour mobility across the continent to support countries in need of critical human resource.
He said it must not allow businesses with political connections to be prioritised over real captains or champions of industry, adding that neither must innovations from the youth suffer because of lack of political connections.
“ Africa, including my country Ghana, has strategic priorities and ready and willing to play its role in the global community” he stated.
On April 3, 1948, American President Harry Truman signed the Economic Recovery Act of 1948, which became known as the Marshall Plan, named for Secretary of State George Marshall, who in 1947 proposed that the United States provide economic assistance to restore the economic infrastructure of postwar Europe.
The end World War II in 1945 saw Europe in ruins with its cities shattered; economies devastated and its people facing famine.
GNA