• Friday, March 29, 2024
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Africa can attract investments on back of AfCFTA – VPs, PMs assure

Africa can attract investments on back of AfCFTA – VPs, PMs assure

African governments have been challenged to go beyond talk and move into the implementation phase of the African Continental Free Trade Area (AfCFTA) in order to attract the needed investments.

The call was made in Abidjan, Côte D’Ivoire at the African Investment Forum Market Days 2022 with the theme, ‘Building Economic Resilience Through Sustainable Investments.’

Vice President of Liberia, Jewel Cianeh Taylor; Vice President of Liberia, Philip Mpango; Prime Minister of Cape Verde, Ulisses Correia e Silva, and Prime Minister of Côte D’Ivoire, Patrick Achi, who spoke on a panel that looked at how to unleash Africa’s potential and attract investment on the back of AfCFTA, were in agreement that it was time for the countries in Africa to begin practical implementation of the plans, adding that there was no more time for mere talks.

Taylor (Liberia) said that countries in Africa must reduce corruption and other bottlenecks that make it difficult for people to come in to make the right investments.

According to her, “we need to protect the indigenous industries to utilise our resources; stop talking and get to work, improve access to finance, improve infrastructure, such as road networks, naming others.”

She added that “the right policies are there; the plans are also there for the kicking off and reaping the benefits that AfCFTA.”

Read also: Africa must oppose measures at COP 27 that restricts its fossil fuels

The panel, however, agreed further that climate change, the effects of the Coronavirus (Covid-19) pandemic and the current conflict between Russia and Ukraine may have affected the planned kick-off of the AfCFTA.

They also said that their individual countries were speedily coming out of the challenges, having found ways to work around them.

Côte D’ Ivoire’s Achi said that countries must remove those barriers that impede local manufacturing and focus on those factors that encourage growth and development.

“There is political will, needed framework, electricity, water; others are privatized and the private sector is the future of the continent. Côte D’ Ivoire is making good progress,” he assured.

Speaking on the conducive environment for investment in their respective countries, Cape Verde Prime Minister, Silva, also assured: “We are investing and improving on those things that make business thrive.”

Liberian Vice President, Taylor, said: “Ours is a land of opportunity. We are open for business. Come and enjoy us; you can never be disappointed.”

For Vice President Philip Mpango, “Tanzania is heaven on earth, and investors are welcome.”

AfCFTA has been envisioned to progressively eliminate tariffs on intra-Africa trade, making it easier for African businesses to trade within the continent and benefit from the growing African market. It is expected to expand the size of Africa’s economy to US$29trillion by 2050.

On another panel, the Ghanaian President, Nana Akufo-Addo, assured investors that Africa guaranteed huge returns on investment, despite challenges in the environment.

“Global economic environment is challenged; but the continent of Africa has an excellent return on investment, low default on loans; the continent provides a huge opportunity for investments in all sectors, including agriculture despite some challenges and climate change. Yes, there are difficulties, but dealing with the continent guarantees 75 percent return on investment, even in agriculture,” he said.

He, however, added that “there should be proper regulatory environment to protect and incentivise investments.”