By: Sarah Baafi
President John Dramani Mahama has renewed calls for Africa to pursue economic independence through industrialisation and value addition, warning that political freedom without economic transformation remains incomplete.
Speaking at the opening of the Africa Trade Summit at the Kempinski Hotel in Accra on Wednesday, President Mahama criticised Africa’s long-standing dependence on exporting raw materials while importing finished goods, describing the model as exploitative and outdated.
“Our generation is defining what economic independence truly means,” the President said. “What is freedom without economic transformation? Is it complete?”
He argued that the continued export of unprocessed commodities such as cocoa, timber and minerals represents a modern form of colonialism that denies African economies jobs, technology and revenue.
“We can no longer accept an economic model that consigns Africa to exporting raw materials and importing finished goods. That model is a new colonial arrangement designed to trap Africa in poverty,” he stated.
President Mahama said Africa’s industrialisation must be anchored in value addition and beneficiation, noting that manufacturing and agro-processing remain critical to inclusive growth.
“Manufacturing and agro-processing create jobs, raise incomes, deepen skills and anchor inclusive growth,” he said, adding that Africa currently accounts for less than two percent of global manufacturing.
Using cocoa as an example, the President pointed out that although Africa produces the bulk of the world’s cocoa, it captures only a small fraction of the value generated from the global chocolate industry.
“This model has deprived our economies of jobs, technology and revenue for decades,” he said.
President Mahama noted that Ghana is taking deliberate steps to shift away from a commodity export-dependent economy by promoting domestic processing, reducing imports and increasing export earnings, adding that similar efforts across the continent offer hope for economic transformation.
