Former President Nana Addo Dankwa Akufo-Addo has called on the global investment community to recognise Africa as the next frontier for manufacturing, technology and food production, urging investors to take advantage of the continent’s vast economic potential.
Speaking at the World Economic Forum’s Advancing the New Resilience Agenda event in Davos, Switzerland, the President said recent global crises had exposed weaknesses in the international financial system and reinforced Africa’s determination to pursue industrialisation and economic integration.
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According to him, the COVID-19 pandemic, rising energy and food prices, and the global cost-of-living crisis demonstrated the need for reforms that create a fairer international economic system.
President Akufo-Addo said the challenges confronting Africa should be viewed as opportunities to strengthen local production and reduce dependence on imports.
He noted that Africa possesses about 60 per cent of the world’s arable land, as well as abundant water, natural gas and human resources, giving the continent the capacity to produce sufficient food, fertiliser and energy for both domestic consumption and export.
The President cited Africa’s heavy dependence on wheat imports from Russia and Ukraine as evidence of the need to increase local food production and improve agricultural self-sufficiency.
While stressing Africa’s readiness to drive its own development, he acknowledged the importance of international investment and partnerships.
He urged global investors to view Africa as an attractive investment destination, highlighting the African Continental Free Trade Area (AfCFTA) as a major opportunity that is creating the world’s largest single market with more than 1.3 billion people.
President Akufo-Addo said ongoing efforts to establish a continental customs union and a pan-African payment system would make cross-border trade easier and reduce reliance on foreign currencies for intra-African commerce.
He also criticised the global financial system, arguing that developing countries are often denied the same financial support available to advanced economies during periods of crisis.
The President further accused international credit rating agencies of unfairly downgrading African economies, saying such actions increase borrowing costs and reinforce the perception that Africa is a high-risk investment destination.
He maintained that the label of Africa as an investment risk is largely driven by prejudice in international financial markets, making it more difficult for countries on the continent to access affordable financing for development.
