By: Rukayatu Musah
The Minister of Trade and Industry, K. T. Hammond has reiterated the need for Africa to increase Foreign Direct Investments, FDIs Inflows in Africa. The FDIs, he said, can aid in bridging Africa’s infrastructure gap and some of the myriad challenges facing the continent as well as provide jobs for the youth.
This, he said, requires a collaborative and united efforts through the African Continental Free Trade Area, AFCFTA to better negotiate for the continent.
Mr. K.T. Hammond said this at the African Investment Promotion Agency, IPA’s Capacity Building Conference in Accra. It was on the theme; Equipping African IPAs to promote and facilitate investment to accelerate implementation of the AFCFTA.
Secretary General of AFCFTA, Wamkele Mene expressed optimism that the conference will equip IPAs with the needed information and skills to enhance investment protocols on the AFCFTA.
Chief Executive Officer of the Ghana Investment Promotion Centre, (GIPC), Yofi Grant said the protocol provides a framework for protecting, promoting and attracting local and foreign investments across the continent.
“Some IPAs are confronted with challenges such as lack of resources like website, and they do not know whether they are part of government or autonomous as well as inadequate funding to carrying out their primary role of investment promotion,” he said.
These setbacks he stated have discouraged investors from exploring investment opportunities in some African countries.
“Africa has a wide consumer market availability and leveraging the youth’s potentials in terms of technology, will create jobs and sustainable incomes. The Africa youth comprise of more than 60 percent of the continent’s populace and the human resource can be explored and developed for Africa’s regional economic growth and development” he added.
Mr. Grant therefore called on stakeholders to consider the youth during policy making as they are the future of the continent.
He said with Africa being endowed with rich arable lands with more than 40 percent yet to be explored, makes it the solution to the world’s food insecurity problem.
Mr. Grant further entreated stakeholders and the public to be wary of information they put out in the media space especially, as some of them go a long way to tarnish the image of the country as well as deter investors.
A Senior Advisor of AFCFTA Secretariat at Intra-Africa Trade Bank, Afreximbank, Emeka Uzomba urged African countries to take advantage of the single market facilitated by the African Investment Promotion Agencies, (AfIPAs) to increase its economic growth and development.
“I encourage you the agencies to support each member group to upscale resources to augment your functions, he said.
Mr. Uzomba assured the IPAs of the bank’s support to promote trade, investment, capacity building, organizational investments and post investment management through funding.
“Afreximbank is ready to guarantee for countries facing challenges that discourage investors from investing in their economy,” he said.
