The Africa Prosperity Network (APN), in collaboration with the African American Institute (AAI), has unveiled the Global Africa Network, a groundbreaking platform designed to mobilize the Global African (African Diaspora) community’s financial resources for investment in Africa. This significant initiative aims to foster economic growth and prosperity on the African continent by harnessing the financial power and potential of Global Africans.
The official launch of the Global Africa Network took place during the inaugural Global Africa Forum, which coincided with the 78th United Nations General Assembly in New York. The forum centered on the theme “Mobilizing Global Africa Investments to Boost Intra-African Trade,” highlighting the crucial role of investment in advancing the continent’s economic prospects.
A Call for Investment
The Global Africa Forum, held on September 21st, brought together distinguished African policy and business leaders alongside prominent Global Africans. During the event, leaders emphasized the need for Global Africans to actively participate in Africa’s development and progress. In his address, President Akufo-Addo emphasized the importance of redirecting financial resources towards Africa, emphasizing that the Africa Continental Free Trade Area (AfCFTA) offers a prime opportunity for investment in the continent’s industrial growth and transformation.
President Akufo-Addo stated, “If we work at it, if we stop being beggars and spend Africa’s money inside the continent, Africa would not have to ask for respect from anyone; we will get the respect we deserve.”
Concrete Investment Opportunities
Wamkele Mene, Secretary-General of the Africa Continental Free Trade Area (AfCFTA) secretariat, outlined four major areas of interest for potential investors under the AfCFTA. These areas include the manufacturing sector, pharmaceutical industry, agriculture sector, and the newly established one-billion-dollar AfCFTA adjustment fund, designed to support productive sector investments.
Mene emphasized that the adjustment fund serves as a vehicle for channeling investment, creating long-lasting impact, and generating job opportunities in Africa, ultimately addressing challenges such as migration.
Enabling Environment for Investment
Kofi Appenteng, President and CEO of the African American Institute (AAI), identified three critical actions that African governments must take to facilitate investments from the Global African community. First, he emphasized the importance of ease of travel, advocating for simplified visa processes to promote cross-border mobility. Secondly, he called for pathways to residency and citizenship for Global Africans without existing ties to African nations, ensuring a secure and comfortable environment for long-term investments. Finally, he addressed concerns related to real estate ownership, advocating for policies that support property acquisition by foreign investors.
Promoting Economic Integration
Gabby Asare Otchere-Darko, Executive Chairman of APN and Senior Partner of Africa Legal Associates (ALA), highlighted the significance of economic integration in achieving peace, security, and prosperity across the African continent. He called for the removal of borders that divide Africa, promoting a vision of Africa without boundaries. Otchere-Darko underscored the importance of profitable investments and urged Global Africans to contribute to the success of the AfCFTA.
The launch of the Global Africa Network marks a pivotal moment in strengthening ties between the Global African community and the African continent, as the platform aims to facilitate engagement, collaboration, and investment for the benefit of all. Africa is poised for transformative growth, and the Global Africa Network serves as a bridge to connect resources, expertise, and opportunities for a brighter, more prosperous future for Africa