By Francis Ntow
Accra, Oct. 30, GNA – Ghana, Secretariat to the African Continental Free Trade Area (AfCFTA), is championing efforts for global partnerships to increase investment for the continent’s sustainable growth.
To this end, the country has organised a two-day capacity building programme for African Investment Promotion Agencies in Accra, on the theme: “Equipping African IPAs to promote and facilitate investment for accelerating implementation of the AfCFTA”.
The training is a joint initiative of Ghana Investment Promotion Centre (GIPC), under the auspices of the Office of the President, and AfCFTA Secretariat.
Speaking at the opening ceremony on Monday, October 30, 2023, Mr Yofi Grant, African Director, World Association of Investment Promotion Agencies, asked Investment Promotion Agencies (IPAs) to sell the positive stories of the continent to attract the needed financing.
Mr Grant noted that Africa had not less than 60 per cent of the world’s arable lands, about 40 per cent mineral resources, including abundant quantities of resources required for energy transition.
He also flaunted the human capital of the continent with its youthful population, the region being a major solution provider for clean energy, and dynamic technological innovations as examples for investment promoters to speak to.
“The case of Africa cannot be understated, and IPAs as the main players upfront need to sell this story in a way that make economic sense to our country and continent, because, we cannot hold our development in suspense,” he said.
He expressed worry that though the continent was wealthy in both natural and human resources, that had not yet reflected in its people being wealthy, and pledged Ghana’s commitment towards changing the narrative.
Mr Grant, however, expressed confidence that: “With the efforts that we [IPAs] put in the work that we do, and the association that we have, working together, we can make our people wealthy.”
He described the continent’s rich resources, together with the training being received, as “a great opportunity for us [IPAs] to engage to find out the partners that can enable us unleash this potential and create for our young people.”
Mr Wamkele Mene, Secretary General, AfCFTA Secretariat, also said: “Africa, often referred to as the last frontier, offers a wealth of untapped and underutilised investment opportunities.
“With a projected population of 2.5 billion by 2050 driven by a youthful workforce, abundant natural resources, burgeoning technology and innovation opportunities, Africa now is one of the fastest-growing regions in the world,” he observed.
He expressed optimism in the conference being an avenue to address the challenges faced by IPAs.
Mr Mene said the Secretariat had heightened efforts to promote, facilitate, protect and retain investments that would engender sustainable development under AfCFTA, and make the continent compete favourably for qualitative investment.
One approach to attract both local and Foreign Direct Investment (FDI) through the AfCFTA protocol is the establishment of the Pan-African Trade and Investment Agency (PATIA), which will be launched next week in Cairo.
PATIA is to assist State parties, investment promotion agencies, and the private sector by mobilising financial resources, nurturing business development, and providing technical and other forms of support for investment facilitation.
Mr Kobina Tahir Hammond, Trade and Industry Minister, also underscored the essence of the IPAs capacity building.
He said: “It’s imperative we keep conversations that try to optimise FDI flows to the continent alive, and leverage all available tools at our disposal, including initiatives like AfCFTA and its investment protocol.”
GNA
KK
30 Oct. 2023
Picture attached