President Akufo-Addo has emphasized the need for a new approach to trading for African economies. He believes that a shift to value-adding, industrializing economies is necessary to achieve mutual prosperity for Africa and Europe.
Speaking at the Africa Day 2024 Summit in Vienna, Austria, President Akufo-Addo stated that the continent needs to move away from its dependency on the production and export of raw materials and focus on value-addition processes.
According to the World Trade Organisation, 68 percent of goods exported from the European Union to Africa in 2021 were manufactured goods, while 65 percent of goods imported to the EU from Africa were primary goods such as food and drink, raw materials, and energy.
The President highlighted the growth of EU exports of goods to Northern Africa, which rose from €59 billion in 2011 to €76 billion in 2021, indicating an average annual growth rate of 2.6 percent. He also noted varying growth rates in different regions of Africa, with Eastern Africa at 2.7 percent, Western Africa at 1.9 percent, Southern Africa at 0.2 percent, and Middle Africa experiencing a decline of -3.3 percent in exports of goods.
The summit aims to highlight opportunities in various regions of the continent and provide practical leads on how to tackle the market, as well as provide a platform for Austrian and African companies to connect.
President Akufo-Addo stressed the importance of investing in education, skills training, and entrepreneurial development to accelerate economic growth, ensure food security, and create jobs in Africa.
He also pointed out that Africa holds thirty percent of the earth’s remaining mineral resources and two-thirds of the earth’s arable land. He emphasized the need for fair trading systems and equitable wealth balance, stating that “a rich trading partner, operating within a fair trading system, bring[s] prosperity to both sides, far more than the exploitation of a poor partner.”
President Nana Akufo-Addo emphasized that after 60-odd years, it is evident that the aid path would not lead Africa to where it needs to be. He added, “Africa no longer wants to be the default place to go to find the footage to illustrate famine stories. We no longer want to offer the justification for those who want to be rude and abusive about Africa and her peoples.”
