The Agbogbomefia of Asogli State and Executive Chairman of World Trade Centre Accra, Togbe Afede XIV, has asserted that Africa is currently the most attractive business destination globally.
Speaking at the 53rd World Trade Centres (WTC) Association General Assembly summit held in Accra on the theme ‘Toward African economic integration and enhanced global presence’, Togbe Afede stressed that Africa has the resources and capacity to be the backbone of global food security – hence the world’s need to shift attention to the continent.
He added that with the Africa Continental Free Trade Area (AfCFTA) opening the door to intra-African trade and eliminating all the trade barriers which hitherto made it difficult for goods and services to exchange hands on the continent, industrialisation will flourish, economies will grow, and investors will reap good returns.
This, he said, will also make the continent the most attractive destination for business.
“I want to assure the world that Africa is worth visiting, engaging with and business trading; but let me caution you that Africa is very addictive, and you may become addicted to remaining and never leave.
“Africa is a resource-rich continent, ranging from petroleum, minerals and arable land for agriculture among others. Unfortunately, specialising in the export of primary materials over the years has not been helpful – because other countries get to enjoy the benefits of value added to those raw materials.
“But the time is ripe for business as the AfCFTA opens the door to free trade within the continent, and with it freeing-up the movement of merchandise and other factors of production,” he said.
The WTC Accra Chairperson added that Africa is on a journey to fulfil its purpose: backed fully by its youthful population, conducive business ecosystems being created by various governments, and the acceleration of digitisation and technology courtesy of the COVID-19 pandemic.
Touching on the several setbacks which have bedevilled the continent over the period, he said: “There are challenges in Africa, but governments all over the continent recognised such hindrances – hence the unity in which the AfCFTA edifice was erected to pull resources together so as to promote trade and development”.
Chairman of the World Trade Centres Association, John E. Drew, reiterated that, indeed, the best time to be in Africa is now; and the global community must take a keen interest in the fast pace of transformation and change on the continent.
“This is the second time WTC is in Africa, with the first time being in Algeria about seven years ago; and this has been long overdue because of the important role Africa plays in the global food security value chain.
“Indeed, Africa is the best destination for business globally now. So, this is just the beginning of a series of relationships with African businesses to expand reach and get more global reach through collaboration, partnership and franchise arrangements. Providing expertise in technology, starting direct and indirect investment opportunities, and off-taker service among others offer a lot of opportunities to take advantage of in this era,” he said.
Secretary General-AfCFTA secretariat, Wamkele Mene, on his part indicated that Africa is currently doing over 80 percent of its commodities export in raw form and controlling less than three percent of global trade, which means there is great potential for growth and development of new industries.
He added that the aggressive nature with which the AfCFTA is being implemented gives much hope that by 10 years’ time Africa will attain its rightful position as the home of all critical resources important for human survival.
“The top-five lithium producers are in Africa; the top-five digital payment-providing firms are currently in Africa. Without any geopolitical consideration, the role Africa plays on the global scale is incontrovertible. Africa offers many opportunities in different sectors which will drive the industrial development revolution that will make Africa globally very competitive 10 years from now,” he said.
He said the AFCTA journey is on course; and the issues of about-42 currencies making payment and transactions difficult, macroeconomic divergence and different tariff challenges are all being addressed for seamless trade.
The WTC 53rd general assembly kick-started on Monday and runs to Friday 28th April, 2023. It is expected to provide a platform for the about-400 delegates from various WTCs globally to deliberate, network and proffer solutions geared toward integrating trade on the continent.
