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Business News of Wednesday, 6 September 2017


Africa must move beyond aid – Ken Ofori-Atta

Ghana’s Finance Minister, Ken Ofori-Atta has urged African leaders to push for more private investments so as to create a modern productive agriculture sector and build industries to process resources and generate employment for the Continent’s growing youth population.

He said this will also help reduce the Continent’s dependency on foreign aid.

He noted that Africa receives only 4% of global foreign direct investments and its share of manufacturing value-added is no better adding that the continent needs to do better to hasten the pace of economic development.

Mr Ofori-Atta said, “The private sector has to be an important financing partner if we are to meet our infrastructure requirements.”

He asserted that Africa is, “rich in natural resources and in agriculture potential with over half of the world’s uncultivated agriculture land. We are also rich in the most important resource of all; a vibrant and growing young population”.

The minister who was addressing other Finance Ministers from some African countries at the first Compact with Africa Ministerial meeting in Accra on Wednesday said the compact offers Africa the support to “redouble our efforts in pursuing our own agenda and importantly a framework that offers us the opportunity to work together”.

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