President Nana Addo Dankwa Akufo-Addo has issued a compelling call for Global Africans to direct their investments towards Africa, marking a pivotal moment in the continent’s economic development. During the launch of the Global Africa Network, a platform aimed at mobilizing Global Africans (African Diaspora) to invest in Africa, President Akufo-Addo emphasized the importance of channeling financial resources into the continent. This call aligns with the vision of Africa’s industrialization and transformation, as enabled by the Africa Continental Free Trade Area (AfCFTA).
Africa’s Wealth Potential
President Akufo-Addo extended an invitation to the African Diaspora, urging them to redirect their investment portfolios towards Africa. He highlighted the AfCFTA as a catalyst for Africa’s industrial growth and transformation, emphasizing the need for coordinated efforts by governments and businesses to seize this historic opportunity. Key components of this effort include policy alignment, strategies for exports, value addition to raw commodities, and robust intra-African trade.
A Path to Self-Reliance
Drawing inspiration from the success of China’s transformation, President Akufo-Addo emphasized that Africa should no longer rely on external support but should utilize its own resources to achieve prosperity. He stressed that Africa’s self-reliance would garner the respect it rightfully deserves on the global stage.
Identifying Investment Opportunities
Wamkele Mene, Secretary-General of the Africa Continental Free Trade Area (AfCFTA) secretariat, identified concrete investment opportunities within the AfCFTA framework. These areas include manufacturing, the pharmaceutical industry, agriculture, and the newly established one-billion-dollar AfCFTA adjustment fund, which supports productive sector investments. Mene encouraged the Global African community to view the adjustment fund as a vehicle for profitable investments that create jobs and prevent young Africans from embarking on perilous Mediterranean journeys.
Creating an Enabling Environment
Kofi Appenteng, President and CEO of the African American Institute (AAI), outlined essential steps that African governments should take to attract funds from existing diaspora networks. These steps include facilitating ease of travel, addressing visa challenges, offering pathways to residency and citizenship, and enabling real estate ownership by foreign investors. Such actions can create a conducive environment for long-term investments.
Embracing Economic Integration
Gabby Asare Otchere-Darko, Executive Chairman of the Africa Prosperity Network (APN) and Senior Partner of Africa Legal Associates (ALA), stressed the significance of economic integration as a pathway to peace, security, and prosperity in Africa. He advocated for a vision of “Africa without borders” and called on the Global African community to invest in the continent for profitability.
The Birth of the Global Africa Network
The Global Africa Network, launched on the birthday of Ghana’s first President, Dr. Kwame Nkrumah, serves as a platform for Global Africans to engage with African leaders and the private sector. Membership is open to Diasporan associations, fund managers, investment brokers, and asset managers. Collaboratively managed by the Africa Prosperity Network, the African American Institute, and the UNDP’s Regional Bureau for Africa, the network aims to foster meaningful engagement and partnerships for Africa’s sustainable development.
President Akufo-Addo’s call, echoed by African leaders and Global Africans, signals a new era of collaboration and investment, paving the way for Africa’s economic resurgence and prosperity. Africa’s wealth potential, bolstered by the AfCFTA, invites the world to join hands in building a prosperous and united continent.