Akufo-Addo said Africa as a rich continent had the world’s second fastest growing economy and had a youthful population that puts it in a good position to develop at a faster pace.

President Akufo-Addo made the statement on Tuesday when he delivered the keynote address at the 5^th German-African Economic Forum, held in Dortmund, Germany.

“Indeed, six of the world’s ten fastest growing economies in 2018 are in Africa. And yet, the masses of the African people remain poor, when we have no reason to be poor,” he said.

He said in order to create prosperity for the African people, “our first priority must be to change the structures of the economies on the continent, which are dependent largely on the production and export of raw materials. It is this reliance on raw material exports that feeds our dependence on foreign aid, and subjects us to the politics of the West.”

The willingness of many African youths to cross the Sahara desert on foot and drown in the Mediterranean Sea, in a desperate bid to reach the mirage of a better life in Europe, he explained, should serve as a wake-up call for governments on the continent.

“Africa needs to transform stagnant, jobless economies, built on the export of raw materials and unrefined goods, to value-added economies that provide jobs, to build strong middle-class societies and lift the masses of our people out of dire poverty. We can only do so if we participate in the global market place on the basis not of the exports of raw materials, but on the basis of things we make,” he added.

The continent’s second priority, he said, should be to increase trade and investment co-operation, and not aid, as it is one of the ways healthy economic relations can be developed between Africa and Germany, and indeed with the rest of the world.

“With Africa’s population set to reach some 2 billion people in 20 years’ time, there are immense opportunities to bring prosperity to Africa, and to Germany too with hard work, enterprise and creativity. I urge German organisations and companies present to take advantage of this and enhance their trade relations with Africa,” the President said.

He continued, “The time to deepen German-African trade and investment is now. We must generate investments in agro-industry, the energy and power sectors, and infrastructural development of Africa, capable of producing positive outcomes for the private sectors, especially small and medium-scale enterprises (SMEs), of Germany and Africa.”

Thirdly, President Akufo-Addo urged for co-operation between Germany and Africa in ensuring the promotion of transparent, and inclusive policy and decision-making processes at local, national, regional, continental and global levels.

“Fourthly, in order for us to build an Africa that meets the aspirations of the African peoples and opens up opportunities for all, especially its youth, we must also prioritise our budgetary arrangements to ensure that funds are available to strengthen key institutions of state, such as the Legislature, Judiciary, and fiscal institutions,” he said.

He continued, “It is important that we promote and develop a culture of accountable governance, free of corruption, whereby these institutions of state see themselves as independent public entities serving the wider public interest, not the temporary conveniences of governments of the day. We have a responsibility to make our countries attractive to our young people. They should feel they have a worthwhile future, if they stay and help build their nations.”

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By: citifmonline.com/Ghana

The post Africa’s prosperity depends on industrialized economies – Akufo-Addo appeared first on Citi 97.3 FM - Relevant Radio. Always.

This trend according to President Nana Addo Dankwa Akufo-Addo has been the norm since time immemorial adding that it has even become worse.

[contextly_sidebar id=”VX7MXteSN7rQLm0kHOneO7cRJLcvmYyX”]“In 1928, 70 percent of our foreign exchange earnings were from gold, cocoa and timber. Figures in 2016 from the Bank of Ghana’s Monetary Policy Committee revealed that this situation has not changed but has rather worsened.”

He said almost 80 percent of the country’s foreign exchange earnings in 2016 were from gold, cocoa and oil.

“This is not right and cannot and should not continue.  There can be no future prosperity for our people in the short, medium or long term if we continue to maintain economic structures which are dependent on the production and export of raw materials. We must add value to these resources and we must industrialize,” he added.

President Akufo-Addo made the remark on Friday when he launched government’s much hyped One-District-One-Factory initiative at Ekumfi in the Central Region.

At the event he said another sure way of fast-tracking Ghana’s prosperity is to industrialize.

“We need good jobs with good income but the truth must be told; unless we industrialize with the goal of adding significant value to our primary products, we cannot create the necessary numbers of high paying jobs that will enhance the living standards of the mass of our people. Raw material producing economies do not create prosperity for the masses. The way to that goal, the goal of assuring access to prosperity is value addition activities in a transformed and a diversified modern economy. In order words, industrial development of our country,” he added.

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By: Godwin Akweiteh Allotey/citifmonline.com/Ghana
Follow @AlloteyGodwin

The post We’ll only prosper with industrialization – Akufo-Addo appeared first on Citi 97.3 FM - Relevant Radio. Always.

The factories, predominantly manufacturing plants, are expected to create at least 5000 jobs across the country.

[contextly_sidebar id=”EFWqVNnSHfKzEvZEI3GATpbunyYTTYo1″]Speaking at a media briefing Thursday, the National Coordinator of the “One District One Factory” Secretariat, Gifty Ohene Konadu, said the President is committed to achieving his major industrialization promise.

“10 factories will be ready for commissioning as part of the project over the next couple of months. We have scheduled June for these exercises. By all indications, the President will commission them as part of our official launch of the programme.”

‘One District One Factory policy’ has so far generated pledges to the tune $3 billion from both local and foreign investors, according to Mrs. Ohene Adu.

“The interest has so far generated investment pledges and commitments, to the tune of $3 billion. These are pledges made from local and foreign investors.”

“We have also started receiving inquiries about our work. On the average, we have about 30 inquiries a week on what we have to offer as to what roles entities and individuals can play in order to benefit from it,” she added.

The ‘One District One Factory” policy was one of the President’s flagship policy promises during the 2016 electioneering campaign.

The programme is essentially a public-private partnership for ensuring the nationwide spread of industrialization in all 216 districts of Ghana.

Government has said the private sector will provide the investment, although it will partner if such an investment of public fund is adjudged prudent and advantageous.

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By: Sammi Wiafe/citifmonline.com/Ghana

The post 10 factories to be commissioned under 1 district, 1 factory appeared first on Citi 97.3 FM - Relevant Radio. Always.