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Vice President Dr Mahamudu Bawumia stressed the need for Africa to take urgent steps to transform economically to support its people.
With a continent of around 1.2 billion people and around 60% of them young, Dr Bawumia believes that Africa is at a crossroads and therefore needs teamwork to achieve a economic transformation for the well-being of the population.
Speaking at this year’s Ghana Virtual Petroleum Conference (GhipCon 2021) on “Positioning Africa’s Oil Downstream for AfCFTA”, held on Wednesday March 10, 2021, Dr Bawumia argues that if young people are unemployed and starving, the continent risks transitioning into economic disaster.
As part of the measures to accelerate development and empower African youth, the vice president says Africa must boost and develop its internal trade and reduce trade with Europe, West and Asia .
Dr Bawumia revealed that Africa negotiates around 85% with the world and only 15% internally. “This contrasts sharply with trade between the EU at 67%, Asia at 61% and 47% in the Americas. This must change if we are truly committed to Africa’s economic transformation ”.
He urges all African leaders to let the COVID-19 pandemic be a wake-up call since Africa has had to rely on the West for everything, including vaccines.
“The COVID-19 pandemic and the interventions of major suppliers in Africa are a wake-up call to African nations to cooperate more in building an autonomous continent.
“We should cooperate in the development of regional assets, including refineries and logistics assets, to achieve the economies of scale necessary for commercial viability. It boosts productivity and puts our capable young people to work, which preserves and enhances their dignity, ”he adds.
According to him, the AfCFTA would be the largest free trade area in the world with a market of around 1.2 billion Africans and this will cumulatively give Africa a GDP of 2.5 trillion USD and this is expected to reach 29 trillion USD by 2050 if -African trade is expanded.
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