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Business News of Wednesday, 22 June 2022


African governments must take industrialization seriously – Gabby Otchere-Darko

Gabby Otchere-Darko Gabby Otchere-Darko

Strategic policies must be adopted for trade in Africa

66% intra-African trade is in manufactured goods, Gabby

Govts will struggle if they do not strategize, Otchere Darko

Chairperson of the Advisory Board of the Commonwealth Enterprise and Investment Council (CWEIC), Gabby Asare Otchere-Darko, has stated that African governments have the potential to take advantage of industrialization on the continent.

He noted that this will help the continent to gain influence on the global market.

According to him, even though the African Continental Free Trade Area (AfCFTA) has been implemented, Africans have to do more to reap its benefits.

Speaking at the commonwealth business forum in Rwanda, he said, “In order for Africa to gain leverage in global trade or even trade within the continent governments across Africa need to take industrialization seriously because really even without us industrializing as much as we should, about 66% or so intra-African trade is in manufactured goods.”

Otchere-Darko added, “So it tells you the potential if we do more and I will use Ghana as an example; over the last five years a government set up “One District One Factory”, essential it means is that they identify the area that the district may have a sort of advantage … and then help fund to build a factory there.”

"What that is doing is that it is allowing districts across the country [a lot of which are agro-based] to add processing so they then are embedded in the supply chain and once you do that you create more jobs.”

“Yes, we can talk about intra-African trade, we can talk about AfCFTA but if we don’t take a strategic policy decision across the continent to industrialize, we will struggle…”, he added.