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Business News of Thursday, 23 January 2020

Source: Vince Owusu-Appiah, contributor

Akufo-Addo renews calls for intra-Africa trade

President Akufo-Addo with UK Prime Minister, Boris Johnson President Akufo-Addo with UK Prime Minister, Boris Johnson

President Nana Akufo-Addo has renewed calls for African nations to commit greater zeal and resources to trading among themselves, saying the low level of intra-Africa trade will not build a sound foundation for the continent's prosperity.

The President made the call when he opened the 2020 Ghana Investment and Opportunities Summit in London.

More than 500 entrepreneurs from the United Kingdom, and Ghana as well as Ghanaians in the Diaspora are attended the summit.

The two-day event was under the theme: Accessing the African Common Market through Ghana -Technology, Digitisation and Industrialisation.

This comes at the heels of the just-ended UK-Africa Summit.

The President pointed out that contemporary international business challenges require more vigorous business deals among African states, in the areas of technology, digitisation and industry to enhance their prosperity and also ensure the welfare of future generations. "So, let us now think differently and position ourselves for serious business, rather than relying on the export of raw materials all the times," he added.

Nana Akufo-Addo said that Ghana was responding positively towards that challenge, adding that the country's key economic indicators were pointing into the right direction. "We are accelerating the structural transformation of the economy and also educating the youth with a strong sense of entrepreneurship for nation building," he told the summit.

Nana Akufo-Addo said equipping the youth for private business skills was vital, considering the projection that Africa would have the largest number of young people by 2050.

Earlier, Mr Graham Stuart, UK Minister for Investment at the Department of International Trade, described Ghana as a remarkable economic success story in Africa, adding that the critical infrastructural projects in the country were a solid foundation for further growth.

He said that he UK was set to open a new chapter of greater lucrative trade ties with Ghana after Brexit.