Africa Prosperity Network

Author: APN Communication Directorate

  • Bridging Africa with Infrastructure: APD 2025 to focus on Solutions

    Bridging Africa with Infrastructure: APD 2025 to focus on Solutions

    Accra, Ghana – 30 November 2024 – Ahead of the Africa Prosperity Dialogues (APD) 2025 and the Africa Prosperity Champions Awards (APCA) 2025, the Africa Prosperity Network (APN) held its annual Partners’ Cocktail engagement at the offices of the Africa Continental Free Trade Area (AfCFTA) secretariat, Trade House, in Accra, on Friday, 29 November 2024, as a prelude to the Dialogues and Awards to secure the support of all partners.

    The highly anticipated Africa Prosperity Dialogues (APD 2025), which will take place in Accra, Ghana, from Thursday, 30 January, to Saturday, 1 February 2025, will focus on finding tangible solutions to Africa’s infrastructure deficit and how to connect the continent’s various markets with infrastructure.

    APD 2025, organised by APN, is themed “Delivering Africa’s Single Market through Infrastructure: Invest. Integrate. Connect.” Some 2,000 business leaders, captains of industry, entrepreneurs, ministers of state and heads of government on the African continent, the Caribbean and Global Africa, in general, are expected to participate in what will be the third (3rd) edition of the Dialogues.

    Attendees at the Partners’ Cocktail, included headline sponsors of APD 2025 (BADEA – Arab Bank for Economic Development in Africa), MTN, Planet One Group, Tetracore Energy Group, as well as Devtraco Group Imperial Homes Shelter Afrique, MIIF, Myla Homes, JL Properties, Inc. Golden Coast Properties and Kasapreko PLC. Lead sponsor for the Africa Prosperity Champions Awards (APCA) 2025, Telecel, Ghana, was also present, alongside ambassadors and other members of the diplomatic corps.

    Ms Shirley Ayorkor Botchwey, Secretary General-elect of the Commonwealth of Nations — and successor of Baroness Scotland of Asthal, who received the Africa Champions Award at the previous APCA — provided a compelling vision for Africa’s future.

    “We stand at a pivotal moment in our continent’s journey towards economic integration and shared prosperity,” she said.

    “The upcoming Africa Prosperity Dialogues represent a crucial step forward in addressing our continent’s infrastructure and cross-border challenges.”

    She emphasised the potential of collective action: “The path to Africa’s prosperity requires sustained commitment, innovation, and collaboration[…]. Each conversation, each partnership, and each initiative brings us closer to realising our vision of Africa as the world’s largest single market.”

    Aggregating the challenges

    Founder and Executive Chairman of Africa Prosperity Network (APN), Mr Gabby Asare Otchere-Darko, noted that to achieve the prosperity of the African continent, measures must be taken to guarantee the free movement of goods and services across its over 50 borders.

    Mr Otchere-Darko observed that to bridge the continent’s existing infrastructure gap, the private sector must be engaged across the continent to drive the efforts aimed at building the requisite roads, railway lines, and air transport services, among others, in order to fast-track to the continent’s quest to achieve a single market.  

    “We need to aggregate our worth, our work, the riches of our continent, the richness of our minds, and our potential. We need to find a way to somehow ignite what we have, working together — the politicians, business leaders, thought leaders — and all of us towards that singular goal of achieving the world’s largest single market,” Gabby Otchere-Darko said.

    AfCFTA’s success

    In a speech read on his behalf, Wamkele Mene, Secretary General of AfCFTA, said that “projections show that a fully implemented AfCFTA could create a market with combined consumer and business spending of $6.7 trillion by 2030 and $16.12 trillion by 2050” in Africa.”

    He said that the theme of APD 2025 “is particularly relevant” because “infrastructure underpins the AfCFTA’s success by reducing the cost of trade and enabling the seamless movement of goods, services, and people.” But “without investments in transport corridors, energy systems, and digital networks, the full potential of the AfCFTA cannot be realised,”.

    “To bridge this gap, we call on all stakeholders to invest in Africa’s future. The private sector, in particular, has a critical role to play in unlocking infrastructure development through public-private partnerships (PPPs),” Mr Mene said. The AfCFTA secretariat is a core partner of APD.

    Energy infrastructure

    Ghana’s Minister for Energy, Herbert Krapa, observed in his remarks that some of the most critical infrastructure projects on the African continent are in the energy sector. Africa’s industrialisation and single market, according to Mr Krapa, will be powered by energy, and for that matter, the continent’s energy infrastructure must be at the forefront of deliberations at APD 2025.

    Among others, Mr Krapa suggested that the APD 2025 ought to propose ways to harness Africa’s sustainable energy sector potential: develop solar and hydropower capacity; enhance cross-border energy collaboration, public-private partnerships (PPPs) in the energy sector, and tariff harmonisation; establish the African Single Electricity Market (AfSEM) and; harness the continent’s gas reserves to power its industry.

    UN support

    Charles Abani, United Nations (UN) Resident Coordinator in Ghana, said the UN is committed to supporting APN for its upcoming APD 2025. He observed that five key issues have recently captured the UN’s attention, and he believes that they should also be given attention at APD 2025.

    They are sustainability financing, improving digitalisation infrastructure, improving food systems, creating jobs and managing social protection, and addressing the need to trade among African countries.

    Africa Prosperity Champions Awards

    Nana Adwoa Hackman, Executive Director of Events at the Africa Prosperity Network, highlighted the significance of the Africa Prosperity Champions Awards (APCA).

    “The Africa Prosperity Champions Awards, APCA, was established to honour and celebrate the outstanding achievements of distinguished Africans across various sectors and global Africa,” she said.

    “APCA aligns with the Africa Prosperity Agenda, recognising individuals who have made significant contributions to the continent’s advancement and prosperity.”

    Muhammad Gadda, Chief Operating Officer of Telecel Ghana, a headline sponsor to APCA, said: “We are proud to support an initiative that brings together policymakers, private sectors, and investors to enable growth and prosperity for Africa.”

    Private Sector

    Joseph Aidoo, Executive Director of Devtraco Group, offered profound insights into the role of infrastructure in Africa’s development. “The theme of delivering Africa’s single market through infrastructure is not just aspirational but pivotal,” he said.

    “If Africa were a giant puzzle, with each piece representing a country, a people, or a dream, infrastructure would be the glue that binds these pieces together, transforming a fragmented landscape into a unified masterpiece.”

    Aidoo emphasised the critical challenges and opportunities in African infrastructure. “By 2050, over 50% of Africa’s population will live in urban areas. This rapid growth presents both challenges and unprecedented opportunities for transformative investments.”

    Africa Prosperity Network

    The Africa Prosperity Network (APN) is a not-for-profit organisation committed to the creation of prosperity for Africans and global Africans. APN’s Africa Prosperity Dialogues (APD) provide a trusted convening platform of best practices for knowledge sharing and results-oriented solutions to the challenges facing the African continent. As a continental platform, APN is the fuel that powers both the advocacy and implementation of these results-oriented solutions through strategic partnerships to deliver actionable policies that engender bankable projects.

    Africa Prosperity Dialogues

    The Africa Prosperity Dialogues (APD) is an annual platform that convenes Africa’s leadership from both the public and private sector to engage, forge partnerships and commit to accelerating the creation of the continent’s single market as enshrined in the AfCFTA agreement for a prosperous Africa. APD provides the space for Africa’s political and business leaders to work closely together to shape, drive, and deepen intra-African trade and investments to achieve the full implementation of the African Continental Free Trade Area (AfCFTA).

    SIGNED.

    Africa Prosperity Network

    Communication Directorate

  • Ghana To Host Africa’s Business Leaders At Maiden Africa Prosperity Dialogues

    Under the auspices of the President of the Republic of Ghana, His Excellency Nana Addo Dankwa Akufo-Addo, and His Excellency Wamkele Mene, secretary general of the African Continental Free Trade Area (AfCFTA) Secretariat, the maiden edition of the Africa Prosperity Dialogues series will hold from Thursday 26 to Saturday 28 January 2023 in Ghana, host nation of the AfCFTA Secretariat.

    An initiative of the Africa Prosperity Network (APN), the dialogue series are expected to bring Africa’s political and business leaders together in conference with other thought leaders on Africa. Not only will they brainstorm on the all-important single-market project for the continent, but the dialogues will also create an annual platform for the continent’s leaders to spearhead collaborative implementation of the African Continental Free Trade Agreement.

    The launch of the Africa Prosperity Dialogues is in recognition of how, for the trade agreement to work, there must be shared ownership of the AfCFTA’s objectives, particularly by businesses, whether big or small, right from the onset.

    In recent times, global geopolitical turmoil has exposed Africa’s overreliance on the global supply chain and on exports of natural resources. It has also highlighted how important it is for Africa seriously to strengthen the capacity for greater intra-African reliance and cushion herself against exogenous shocks of events beyond her control.

    The Africa Prosperity Dialogues will incorporate the launch of various platforms for political and business leaders on the continent and in the diaspora to think, plan and collaborate towards building the world’s largest single market of Africa’s 1.4 billion people. This will help to create more opportunities for African citizens and build a more prosperous Africa.

  • AU Adopts Africa Prosperity Dialogues’ Action Compact On AfCFTA’s Implementation

    The Africa Prosperity Dialogues, which will take place annually, creates a dedicated platform for Africa’s private sector to network

    Heads of state of the Africa Union (AU) have unanimously adopted the Action Compact of the maiden edition of the Africa Prosperity Dialogues (APD), which took place in Ghana last January, involving which took place in Ghana last January, involving the continent’s private sector in the implementation of the Africa Continental Free Trade Area (AfCFTA).

    The Africa Prosperity Dialogues held under the theme: “The Africa Continental Free Trade Area (AfCFTA): From Ambition to Action, Delivering Prosperity through Continental Trade”, dovetailed into the theme of the 36th AU summit which was “The Year of AfCFTA: Acceleration of the African Continental Free Trade Area Implementation”.

    The Africa Prosperity Dialogues, which will take place annually, creates a dedicated platform for Africa’s private sector to network among themselves and with public officials on the process of getting Africa’s single market working quickly. The AU has fully endorsed this shared ownership approach initiated by the Africa Prosperity Network in partnership with the AfCFTA Secretariat and the Government of Ghana, the host nation of the AfCFTA Secretariat.

    AU Summit

    The 36th Ordinary Session of the Assembly of Heads of State and Government of the African Union took place from Saturday 18 to Sunday 19 February 2023. The Assembly is the AU’s supreme policy and decision-making organ. It comprises all heads of state and governments of AU member states.

    Action Compact

    Part of the Action Compact adopted by the AU reads: “We African Business Executives, Senior Policymakers, Business Associations, Government Ministers, Senior Officials from the African Continental Free Trade Area (AfCFTA) Secretariat, Technocrats, Women and Young Entrepreneurs, met at The Presidential and Business Executives Dialogue held at the Peduase Lodge, Peduase, Eastern Region, Ghana, on the 28 January 2023.

    The dialogue was convened under the auspices of H.E. Nana Addo Dankwa Akufo-Addo, President of the Republic of Ghana under the theme “AfCFTA: From Ambition to Action – Delivering Prosperity Through Continental Trade.

    We recognised that the AfCFTA Agreement would contribute significantly to sustainable economic growth, employment generation, inflow of foreign direct investment, industrial development, better integration of the continent into the global economy and prosperity for all Africans.”

    We discussed on how to overcome critical challenges impeding the promotion of intra-African trade such as inadequate infrastructure (transport, communications, energy, information technology), poor trade facilitation processes, access to finance, and free movement of persons” the Action Compact reads.

    Thematic areas

    The business leaders, according to the action compact after an exhaustive deliberation, commit to take concrete steps in four thematic areas, namely: Business Community, Government, AfCFTA Secretariat and Partners.

    Business community

    On the first thematic area which is the business community, the dialogues agreed to first, “advocate for and utilize the AfCFTA preferential regime under its various instruments.”

    Secondly, “increase investment in science technology and innovation to power value added Made-in-Africa production and industrialization”.

    Thirdly, “advocate for full ratification and implementation of the African Union Protocol of Free Movement of Persons, Right of Residence and Right of Establishment”.

    Lastly, “work closely with the Governments in the implementation of the Agreement Establishing AfCFTA. Business Community”.

    Governments

    With regard to the second thematic area, “Government”, the business and thought leaders called on African governments to “provide an enabling business and investment climate to support the utilization of the AfCFTA preferential treatment”.

    Additionally, they called on African governments to “pursue commodity-based industrialization and facilitate the production of high-quality goods and services within the African Single Market”.

    It adds, “Invest in infrastructure for multimodal transport and logistics, including air transport services, energy, communication with the support of financial institutions and the private sector to improve trade facilitation, reduce production, transport, trade, and transaction costs.

    “Establish community-level incubation centres and adopt an entrepreneurial approach to education, including Technical and Vocational Education and Training, as well as mainstream Applied science, technology and innovation in the curriculum our schools,” it continues.

    “Mobilize domestic resources including through sovereign wealth funds (SWFs), pension funds, insurance savings, private equity funds, diaspora and sovereign bonds, impact investing, green bonds and remittances”.

    The APD compact further states, “Set up special measures for women entrepreneurs to take full advantage of the AfCFTA, including supporting the #HERAfCFTA initiative and develop tailormade programmes including offering special incentives for youth–owned enterprises.

    “Provide tailormade programmes for African micro, small and medium-sized enterprises (MSMEs) with incentives to strengthen capabilities, and capacities to accelerate industrialization and trade and lastly ratify the AU Protocol on the Free Movement of people and select a champion to ensure early entry into force”.

    AfCFTA Secretariat

    Focusing on the AfCFTA Secretariat, the dialogues called on the secretariat to “support state parties in the implementation of the agreement establishing the AfCFTA through trade facilitation, collaboration with the Regional Economic Communities (RECs), quality infrastructure, advocacy and capacity building”.

    Furthermore, the dialogues called on AfCFTA to “engage with partners to mobilise adequate resources for the implementation of the AfCFTA” and to “facilitate the establishment of AfCFTA institutions, including an Intellectual Property Office (IPO), a Pan-African Trade and Investment Agency, and a Continental Competition Authority as well as a unified and integrated African Competition Regimes on IPR investment and competition”.

    They also urged the AfCFTA to “support the conclusion of negotiations on the Protocols on Digital Trade and Women and Youth in Trade by the deadline of July 2023 as set by the Assembly of heads of state and government of the African Union and to “facilitate work towards the consolidation of the Common African Market on the basis of the AfCFTA Protocols on Trade in Goods, Trade in Services, Investment, Competition Policy, Intellectual Property Rights, Digital Trade and Women and Youth in Trade”.

    Partners

    To partnering financial institutions such as Multilateral Development Banks, Regional Development Finance Institutions, commercial banks, investors, and other financiers, the dialogues urged them to “work with governments and the private sector to make available attractive and affordable trade finance to support private sector engagement with the AfCFTA market”.

    They also called on development partners, including UNECA and UNDP, to “continue to provide coordinated support to governments and businesses to ensure the full implementation of the AfCFTA”.

    The next APD

    The second edition of the Africa Prosperity Dialogues is expected to take place in the first quarter of 2024. The date and venue is expected to be announced by the Africa Prosperity Network (APN), organizers of the APD, soon.

    Reporting by Wilberforce Asare in Addis Ababa, Ethiopia

  • Africa Prosperity Network At The 36th Ordinary Session of Heads of States And Government.

    The Africa Prosperity Network (APN) At The 36th Ordinary Session of Heads of States And Government, Held in Addis Ababa, Ethiopia.”

  • Africa Prosperity Network launches second edition of Africa Prosperity Dialogues

    The Africa Prosperity Network (APN) successfully launched the highly anticipated second edition of the Africa Prosperity Dialogues on Sunday, 18th June 2023, at the esteemed Africa Trade House in Accra.

    The event witnessed the presence of influential figures, including the Second Lady of the Republic of Ghana, Samira Bawumia who served as the Guest of Honour.

    The gathering of key business players and stakeholders highlighted the importance of collaboration and economic growth in Africa.

    Dr. George Agyekum Donkor, President of the ECOWAS Bank for Investment and Development, delivered a compelling keynote address that emphasized the significance of closer collaboration between private sector actors across the continent.

    Dr. Donkor commended the Africa Continental Free Trade Area (AfCFTA) secretariat for their commendable work and called for increased efforts to leverage the potential of this landmark initiative.

    The AfCFTA has played a crucial role in promoting regional integration and advancing intra-African trade.

    Dr. Amany Asfour, President of the African Business Council, brought her expertise to the stage, providing valuable insights on the current business landscape in Africa.

    She emphasized the immense potential for growth and prosperity, urging businesses to embrace new opportunities and invest strategically.

    Dr. Asfour emphasized the pivotal role of the private sector in driving innovation, creating employment opportunities, and fostering sustainable development throughout Africa.

    H.E. Albert Muchanga, Commissioner for Trade and Industry of the Africa Union Commission, also addressed the audience, emphasizing the importance of the AfCFTA in enhancing Africa’s competitiveness and economic resilience.

    Commissioner Muchanga reiterated the Commission’s commitment to supporting and enabling private sector participation in the AfCFTA implementation.

    This historic agreement is poised to unlock new opportunities for businesses and entrepreneurs across the continent.

    The launch event also featured statements of support from key stakeholders, further amplifying the significance of the Africa Prosperity Dialogues.

    H.E. Maher Kheir, Dean of the Diplomatic Corps in Ghana, H.E. Wamkele Mene, Secretary General of the AfCFTA Secretariat, Hon. Francis Asenso Boakye, MP and Minister of Works and Housing in Ghana, Dr. Ibrahim Awal Mohammed, Minister for Tourism, Arts, and Culture in Ghana, and Nana Bediatuo Asante, Secretary to the President of the Republic of Ghana, all expressed their support for the initiative.

    The Africa Prosperity Network, a private and independent organization established in Ghana, serves as a continental network focused on advocating for the collective ownership of the African Union’s Agenda 2063.

    Their mission centers on fostering enhanced private sector participation in the implementation of the AfCFTA, with a sense of urgency and determination.

    The second edition of the Africa Prosperity Dialogues promises to be a pivotal platform for dialogue, collaboration, and knowledge sharing among key business players. By facilitating discussions and promoting partnerships, the event aims to chart a path towards sustainable economic development and shared prosperity throughout Africa.

  • Media in Africa Called Upon To Own The AfCFTA and Its implementation

    Media in Africa Called Upon To Own The AfCFTA and Its implementation

    Accra, 19 December 2024 — Top media personalities across Africa have called for the formation of a pan-African group of trade journalists who will champion the AfCFTA agenda as well as an African Chamber of Commerce led by individual countries.

    The group of journalists were of the view that the formation of such a body is the surest way to sensitise the continent on the merits of the AfCFTA.

    They spoke at a webinar hosted jointly by the African Prosperity Network (APN), organisers of the Africa Prosperity Dialogues (APD), and the Africa Continental Free Trade Area (AfCFTA) secretariat in Ghana on Tuesday (December 19, 2023).

    The objective of the webinar was to champion the propagation of the AfCFTA concept and all its economic benefits across the continent, as well as explore and strategise on how African media can engage people and promote information-disseminating services across the continent.

    The webinar comes a month ahead of the next APD, slated to take place from January 25 to 27, 2024 at the Peduase Presidential Lodge at Aburi Hills, Ghana.

    In his opening remarks, the Founder/Executive Chairman of the Africa Prosperity Network (APN), Gabby Otchere-Darko, said that “the AfCFTA is arguably the biggest project for Africa” and every effort must be made to ensure its full implementation as seamlessly as possible.

    In his opinion, “the small trader in Lagos must understand the significance of being able to sell, especially with the support of technology, what she trades in another country on the African continent without having to pay any duties and other charges”.

    For Africans to own the whole concept of free trade and to understand how relevant or impactful it can be to their livelihoods, Mr Otchere Darko underscored the important role of the media, saying, “This is where the media comes in and how we can get the media to unpack this free trade story of the continent is really what this conversation is all about”.

    “It took a powerful media to get one country to leave a single market and I am talking about Brexit. In the same vein, it will take a powerful media on this (African) continent to understand that if we come together to this single market, it will benefit all of us,” he added.

    The webinar focused on four (4) thematic areas through which the media can support the continental drive toward the full implementation of the AfCFTA. They were: “opportunities and challenges in the AfCFTA; the media’s role in engaging citizens; beyond blocks ― talking to each other, and making information regarding the AfCFTA, flow freely throughout the continent.

    Opportunities/Challenges

    Speaking on the opportunities and challenges in creating a single African market, Dr Tsotetsi Makong, chief technical advisor, at the AfCFTA Secretariat and Charles Onyango-Obbo, author/columnist at the Nation Media Group, East Africa, observed that the major challenge facing the continent was youth unemployment.

    They said the problem could be resolved or exacerbated depending on what the continent does or does not do with the AfCFTA.

    Dr Makong was of the view that the trade volumes between the African continent and countries like China, the United States of America (USA), the European Union (EU), India, and the United Kingdom (UK), among others, are out there already.

    What is now important is how the continent can shift this phenomenon to reflect trade between fellow African countries, he stated.

    The African continent, according to Dr Makong, “is not trading with the world, but the world is trading with us (the African continent) and if this script continues in this manner, it will certainly go against the economic fortunes of the African continent, Dr Makong posited. 

    “Having a pan-African chamber of commerce is absolutely essential for the success of the AfCFTA. Considering the amount of distrust between African trade and investment counter-parties, the unavailability of a credible institution to do due diligence of potential partners would prevent intra-African transactions from being consummated”, said Toma Imirhe.

    “A pan-African chamber of commerce working in partnership with a continental media group would spur the needed action for stickiness of the AfCFTA. “We need a clear series of master messages that the Free Trade Area wants to get across, and so there should already be a network of journalists across Africa that are regularly working on the issues of the organisation”, said Kojo Mensah.

    Continent of choice

    Yofi Grant, chief executive officer (CEO) of the Ghana Investment Promotion Council (GIPC) a strategic partner of the Africa Prosperity Dialogues, observed that the rest of the world is meeting with Africa or coming to Africa because the continent is where the opportunities are.

    He identified three of the several opportunities that existed on the continent and mentioned the “huge deposits of mineral resources that are a requirement for the energy transition the world is tilting towards, as a major attraction”.

    Another major point of interest, Mr Yofi Grant stated, was that not less than 40% of the world’s minerals were in Africa.

    Furthermore, he identified Africa’s population, which is being touted as the fastest growing in the world, with approximately 1.4 billion as another global attraction.

    He said a significant proportion of that demography is young, under the age of 35 years, and that in itself is a major consumer market waiting to happen and a very important source of human capital for the world’s next development and growth.

    Additionally, he said “Africa is home to 60% of the world’s remaining arable land left for cultivation, so, if you are looking at food security globally, you cannot have that conversation without talking about Africa.

    “Indeed, Africa is where the next bulk of the world’s food should come from,” Mr Grant said.

    On the strength of these resources, Mr Yofi Grant stated that the AfCFTA is a journey that the continent must embark on together if the continent is to get out of the bottom of the pile regarding development. The media, he said, must be the pivot around which the continent must pursue this agenda. 

    Other speakers present at the webinar were Patrick Smith Editor-in-chief of The Africa Report, Ferial Haffajee Associate Editor of Daily Maverick (South Africa), George Jahraa(“Ashikele”) Singer/Songwriter Charles Onyango-Obbo Writer and Columnist Nation Media Group

    Africa Prosperity Dialogues (APD)

    is organised by the Africa Prosperity Network (APN) in collaboration with the Africa Continental Free Trade Area Secretariat. Next January’s dialogues will be hosted by the President of Ghana, who has invited several of his fellow African Heads of State, plus the President of the Cooperative Republic of Guyana, President Irfaan Ali.

    APD 2024 retreat will take place from 25-27 January 2024, at Peduase Presidential Lodge, Aburi Hills, in the Eastern Region of Ghana. There will be a presidential dinner gala and the Africa Prosperity Champions Awards ceremony on the night of January 26 at the Kempinski Gold Coast City Hotel in Accra.

    To register for the Africa Prosperity Dialogues 2024, Please go to: https://events.africaprosperitynetwork.com

    Africa Prosperity Network

    Communication Directorate

  • Lighting of the Africa Trade Torch moved permanently to Africa Prosperity Dialogues

    Lighting of the Africa Trade Torch moved permanently to Africa Prosperity Dialogues

    The lighting of the symbolic Africa Trade Torch (ATT) has been moved to the Africa Prosperity Dialogues (APD) by the Africa Business Council (ABC), initiators of the ATT.

    The ATT is a private sector initiative to popularise the idea of the AfCFTA among African peoples and the African private sector, including owners of small and medium-sized enterprises, women, and the youth.

    ATT is an opportunity for the private sector to show its commitment to the operationalisation of the AfCFTA.

    The lighting of the ATT, which is under the auspices of the Africa Business Council, led by its president, Amany Asfour, has been carried out on 20 January each year for the past two years.

    However, the Africa Business Council has decided to hold the ceremony this year and in the years ahead at the Africa Prosperity Dialogues.

    President Irfaan Ali of Guyana, Joaquim Alberto Chissano, the former president of the Republic of Mozambique and chairman of the Africa Forum, supported by President Akufo-Addo and other heads of state and government, took part in the lighting of the Africa Trade Torch together with Wamkele Mene, Dr Asfour and other dignitaries on Saturday, 27 January 2024 during the closing ceremony of the 2024 Africa Prosperity Dialogues.

    Several African heads of state and another from the Caribbean, as well as several top business and thought leaders from across the African continent and the diaspora, participated in the second edition of the Africa Prosperity Dialogues (APD), which took place from Thursday, 25 to Saturday, 27 January 2024.

    APD 2024

    APD 2024 was organised by the Africa Prosperity Network (APN) and the African Continental Free Trade Area (AfCFTA) Secretariat, based in Accra, with support from the Government of Ghana.

    Among the heads who attended the APD 2024 were the host, Nana Addo Dankwa Akufo-Addo, President of the Republic of Ghana, as well as Their Excellencies Mohammed Irfaan Ali, President of the Co-operative Republic of Guyana; and Sahle-Worķ Zewde, President of Ethiopia.

    Other top government officials who will grace the occasion are the prime minister of Mozambique, His Excellency Adriano Maleiane; the vice-president of Côte d’Ivoire, Tiémoko Koné; the Speaker of the People’s National Assembly of Algeria, Ibrahim Boughali; and the secretary general of the AfCFTA Secretariat, Wamkele Mene.

    Business leaders

    Heads of leading businesses and institutions on the African continent who have also confirmed their participation are Professor Benedict Okey Oramah (president of Afreximbank); Mohamed Abou EI Enein (chairman and founder, Cleopatra Group); Sidi Ould Tah (director general of the Arab Bank for Economic Development in Africa/BADEA); Ahunna Eziakonwa (assistant secretary of the regional bureau for Africa at UNDP); Solomon Quaynor (vice-president of the African Development Bank/AfDB); and Bridgette Radebe (president of the South African Mining Development Association).

    Others guests are Cherif Abdallah (chairman of the CONEX Group of Companies, Liberia); Precious Moloi-Motsepe (Chancellor of the University of Cape Town); Ernest Addison (Governor of the Bank of Ghana); Marufatu Abiola Bawuah (chief executive officer of UBA Africa); Alex Dadey (chairman of KGL); Julius Mwale (principal behind Mwale Medical and Technology City in Kenya); and Lacina Koné (chief executive of Smart Africa).

    Also among the panellists and speakers will be Wale Tinubu (chief executive officer of Oando pIc); Yofi Grant (chief executive of the Ghana Investment Promotion Centre/GIPC); Serge Ekué (president of the West African Development Bank/BOAD); Opoku Ahweneeh Danquah (chief executive officer of Ghana National Petroleum Corporation); and Ebenezer Asante (senior vice-president in charge of markets for the MTN Group).

  • Africa Prosperity Network to hold international symposium on advancing interoperability in Africa

    Africa Prosperity Network to hold international symposium on advancing interoperability in Africa

    Africa Prosperity Network (APN), organisers of Africa Prosperity Dialogues (APD), in collaboration with the Africa Continental Free Trade Area (AfCFTA) secretariat headquartered in Ghana, is set to organise an international symposium on advancing interoperability on the African continent.

    The symposium, which will take place on 5 July 2024, in Accra, at the Labadi Beach Hotel, will be held under the theme: “Scaling Up Interoperability: Using Mobile Money to Buy & Sell Across Africa.”

    (more…)
  • Africa Prosperity Dialogues 2025 to focus on bridging continent’s infrastructure gap

    Africa Prosperity Dialogues 2025 to focus on bridging continent’s infrastructure gap

    Africa Prosperity Dialogues (APD 2025) will focus on unearthing innovative ways through which African heads of state, business leaders, and the private sector, can combine forces to bridge the continent’s infrastructure deficit and shore up the levels of intra-Africa trade. 

    The APD 2025 will be held in Accra, Ghana from Thursday, 30 January to Saturday, 1 February 2025, on the theme; “Delivering Africa’s Prosperity Through Infrastructure: Invest, Integrate, Connect,” and it is expected to attract over one thousand participants from across the continent. 

    Africa’s future

    Addressing participants at the launch of the Africa Prosperity Dialogues 2025 at the Secretariat of the Africa Continental Free Trade Area (AfCFTA), Africa Trade House, in Accra on Monday, 13 May 2024, Executive Chairman of Africa Prosperity Network (APN), organisers of the Africa Prosperity Dialogues (APD), Gabby Asare Otchere Darko, said investing in continent’s infrastructure space is pivotal to achieving the vision set out in the AfCFTA agreement.   

    “Despite the continent’s potential, its infrastructure gap serves as a more potent blockade. The success of AfCFTA hinges on key enablers, such as energy, water, R&D, ICT, transport & logistics, and the digital economy. This calls for substantial investments in infrastructure, that will yield even greater rewards, enabling our efforts to create a larger pool of good jobs with good pay. 

    “We stand at a critical juncture in history, where unlocking prosperity, now more than ever, depends on prioritising investment in infrastructure, connecting our people through infrastructure, and integrating our economies to create and spread opportunities and prosperity to every community,” Mr Otchere-Darko said in his opening statement.

    “This is where we must now direct our collaborative efforts if we are serious about allowing Africans to do business across Africa and for our young people, who will build Africa, to see their future in Africa. At APN, we envision an Africa where every bridge built serves as a flyover to opportunity, and every road paved leads to prosperity. 

    “[We intend] to use the next APDs to show what is being done, what has to be done, and what we must commit to having done in the areas of infrastructure to facilitate the free movement of people, goods, and services. Our future as a people rests heavily on our ability to reimagine how to fund and link infrastructural developments and our boldness to get on with it” Otchere-Darko added.

    Continental Challenge

    Dr Mohammed Amin Adam, Ghana’s Minister for Finance in his remarks at the launch ceremony pointed out that “an estimated 546 million people are now living in poverty, and 149 million “non-poor” Africans are at risk of falling into it. 

    Furthermore, Dr Amin Adam said the UNECA estimates that the annual Sustainable Development Goal financing gap for developing countries has increased by $1.7 trillion” and these indicators demonstrate the fact that the continent’s work is cut out for her. 

    “The challenges we face, from infrastructure deficits to economic disparities, require collective action and partnership on a continental scale. Therefore, the theme of next year’s Africa Prosperity Dialogues, “Delivering Africa’s Prosperity through Infrastructure: Invest. Integrate. Connect.” resonates deeply with Ghana’s vision for a more interconnected and prosperous Africa and AU agenda 2063.

    “Africa’s infrastructure deficit impedes economic growth and development. Inadequate networks of road, rail, air, and waterways make transport costs in Africa among the highest in the world. The African Development Bank estimates that closing the continent’s infrastructure gap will require a minimum of $130 billion annually,” Mr Mohammed Amin Adam, remarked. 

    “Moreover, deficient infrastructure in today’s Africa has been found to sap growth by as much as 2% a year. Quite frankly, we have a continental problem that requires a continental solution. As such, we must redouble our efforts to invest in critical infrastructure projects, including transportation, energy, and digital connectivity, to unlock Africa’s full potential for trade and investment,” Ghana’s Finance Minister further remarked. 

    The financing gap

    The president for Private Sector, Infrastructure & Industrialisation at the African Development Bank Mr Solomon Quaynor, in his key partner message at the launch of APD 2025 indicated that to address the African continent’s infrastructure shortfall, the continent needs about US$130 to US$170 billion a year with a financing gap of US$70 to a US$110 billion.

    “This financing gap is increased as we aim to ensure that all infrastructure today is climate change resilient or compliant. So, closing this gap remains the single important step we can take to structurally boost our economic development, make it more inclusive and competitive, and attain the Africa we want,” Mr Quaynor said.     

    Funding resources

    The United Nations (UN) Resident Coordinator for Ghana, Mr Charles Abani, on his part, observed that Africa must find the funding resources to be able to bridge the 170 billion dollar financing gap that is currently the reality of the continent of Africa. 

    The African continent, according to Mr Abani, must prioritise projects that have a high impact on economic growth, job creation, and poverty reduction. 

    “We must leverage technology and innovation to drive efficiency, sustainability, and importantly, inclusivity in our infrastructure development and lastly, we must bring everybody on board. If you want to go fast, they say, go alone, if you want to go far, go together,” Mr Abani said.   

    Digital infrastructure

    High Commissioner of Rwanda to Ghana, H. E. Rosemary Mbabazi in her statement noted that African countries must prioritise the development of digital infrastructure to boost digital trade on the continent. 

    Ms Mbabazi observed that while it is important to build all the other infrastructure needs of all the continent, digital infrastructure if developed, can serve as a critical launch pad to propel trade in Africa. 

    She pointed out that to achieve the levels of digital trade required, several key elements should be given attention. First, is the regulatory environment, second, is connectivity that will ensure widespread access to high-speed internet, particularly in rural areas. 

    Third, digital Identity infrastructure, fourth, digital payments, and lastly, establishing a robust cyber security environment on the continent that will protect businesses and their customers against cyber threats.     

    Panel discussion

    As part of the launch, a three-member panel conversation on the theme; “The Infrastructure Gab – Addressing the Bane of Africans Doing Business within Africa,” was held. 

    The panel comprised the Group CEO of Telecel, Mr Moh Damush; Executive Director/CEO Africa for United Bank for Africa, Mrs Marufatu Abiola Bawuah, and Director General of the Social Security and National Insurance Trust (SSNIT), Ghana, Mr Kofi Osafo-Marfo; and Ghana’s Minister for Railway Development. Mr John Peter Amewu.

    The panel of experts in their submissions pointed out that to make progress in the continent’s quest to build its infrastructure, there is a need for a joint effort on the part of all stakeholders such as government, businesses, the private sector, and the investor community, to bridge the infrastructure gap.  

    Africa Prosperity Network (APN)

    The Africa Prosperity Network (APN) is a non-profit organisation founded to advance the vision of “The Africa We Want” as outlined in the African Union’s Agenda 2063, striving to promote Africa’s progress, independent of external aid.

    Africa Prosperity Dialogues (APD)

    The Africa Prosperity Dialogues series offers a strategic platform where the movers and shakers of the African economy elevate the economic integration objectives from ambitions to real actions. 

    Set in Accra, Ghana, the APD is a one-of-a-kind event where African leaders from diverse areas of national endeavour gather each year to expedite, among other things, the implementation of the agreed initiatives within the AfCFTA trade bloc, and shape the Africa Agenda for Action. 

    APD brings into practical focus, the continent’s critical challenges and industrialisation priorities and advance aggressively the commercial and infrastructural interventions to achieve the vision of an Africa Beyond Aid.

  • APD 2024: Business leaders, governments, others, commit to pursue production, value-addition, trade-enhancing policies

    Business leaders on the African continent and a representative number of heads of state and high-ranking state officials in Africa have committed to pursuing policies that will enhance the production of manufactured goods, boost value-addition to raw materials, and increase intra-African trade.

    Africa’s leading businessmen and women, governments, and development partners made the commitment at the 2024 Africa Prosperity Dialogues (APD) organised by the Africa Prosperity Network (APN), the Africa Continental Free Trade Area (AfCFTA), and under the auspices of the government of Ghana at the Peduase Presidential Lodge, Aburi Hills, Eastern Region, from Thursday, 25 to Saturday, 27 January 2024.


    High-level sessions

    The three-day dialogues were held under the theme, ”Delivering Prosperity in Africa: Produce, Add Value, Trade.”  Overall, there were eight (8) high-level sessions. Panel members who participated in the sessions brought multiple perspectives to bear on various topics.

    Among the topics that were considered and discussed were; Doing Business Differently – Adding Value to What We Produce, Unleashing Africa’s Food and Agribusiness Potential, getting on the Global Value Chain of Africa’s Natural Resources, and Accelerating Intra-African Trade through Enhanced Transportation and Logistics.

    The rest are Critical Enablers for Single Market Success – Leveraging Infrastructure, Innovation, and Technology, Critical Enablers for Single Market Success – Strategic Financing and Investment in Infrastructure, Scaling Up Mobile Interoperability to Deepen Financial Inclusion and Intra-African Trade, and Critical Enablers for Single Market Success through Manufacturing – Smart Market Access Strategies and Enabling

    Incentives.


    Context Setting

    Ahead of each of the high-level panel discussions, leading business personalities and industry players set the context by bringing issues into perspective and setting the stage for the deliberations. Among the context setters were Briggette Harrington, President & CEO, Igire Coffee, Josefa Leonel Correia Sacko – AU Commissioner, Agriculture, Rural Development, Blue Economy, and Sustainable Environment, and Abu Jinapor, Minister of Lands and Natural Resources, Ghana.

    The remaining context setters were Ousmaila Joof – Minister of Trade, Industry, Regional Integration, and Employment, Solomon Quaynor – Vice President, Private Sector, Infrastructure, and Industrialisation, African Development Bank (AfDB), Dr. Sidi Ould Tah – President, Arab Bank for Economic Development in Africa (BADEA), Dr. Ernest Addison – Governor, Bank of Ghana, and Serge Ekué – President, West African Development Bank (BOAD).


    Business Leaders

    Top business leaders who participated in the dialogues after their extensive deliberations committed to five major endeavours. First, was to collaborate with central banks, financial institutions, and key stakeholders to bolster investments in technology, ensuring the interoperability and standardisation of payment systems across the continent, while actively pursuing enhanced efficiency and consistency in the payment ecosystem.

    Second, enhance the production of diversified and value-added manufacturing goods to elevate African nations along the value chain, and third, increase investments in digitalisation and technology to bolster integration within regional and global value chains.

    The fourth commitment was to embrace technologies that enhance agribusinesses through the adoption of modern agricultural practices, including precision farming, drone technology, and Internet of Things (IoT)-based solutions, aiming to significantly improve productivity, efficiency, and sustainability within the agricultural sector. 

    Lastly, business leaders and captains of industry pledged to prioritise investments in critical minerals essential for various emerging technologies while ensuring environmentally sustainable mining practices.


    Heads of governments

    The heads of state and representatives of various governments across the African continent who participated in the dialogues included Nana Addo Dankwa Akufo-Addo, President of Ghana, Dr. Mohamed Irfaan Ali, President of Guyana, and Sahle-Work Zewde, President of Ethiopia.

    The rest are Adriano Maleiane Prime Minister of Mozambique, Tiémoko Meyliet Koné, Vice President of Côte d’Ivoire, Mr Ibrahim Boughali, Speaker of the People’s National Assembly of Algeria, Mohamed M. Abou El Enein – Deputy Speaker of Egypt’s House of Representatives and Chairman & Founder, Cleopatra Group, Egypt.

    After their summit with business leaders on the third day of the dialogues, the heads of state and government representatives committed to thirteen (13) strategic policies.

    The first was, to “leverage public-private partnership (PPP) arrangements to increase investments in infrastructure development, with a specific focus on transportation, logistics, and digital infrastructure, while fostering deeper intra-African trade and enhancing connectivity for African countries to global markets.

    Second, “incentivise financial institutions to increase their support for businesses in the manufacturing sectors to charge favourable interest rates. These institutions can provide loans to manufacturers for capital investment, expanding production facilities, or acquiring machinery and equipment.”

    Third, “oil-rich African nations would actively foster the development of integrated refineries by leveraging innovative financing mechanisms and private sector participation. The adoption of such integrated operations aims not only to diminish reliance on imported petrochemicals but also to relieve pressure on the country’s constrained foreign exchange reserves, ultimately contributing to improved macroeconomic stability.”

    Fourth, “enhance trade facilitation by simplifying customs procedures, reducing trade barriers, and standardising regulations and simultaneously, strengthen Africa’s integration into regional and Global Value Chains.”

    Fifth, “establish an enabling environment for industrialisation by promoting diversified and value-added manufacturing, fostering innovation, skill development, and investments in sectors beyond primary commodities, both within and beyond the Global Value Chains.

    Sixth, “deepen regional integration efforts and leverage the AfCFTA agreement to integrate into regional and global value chains and utilise regional economic communities to enhance intra-African trade, creating larger markets and economies of scale.”

    Seventh, “formulate and implement policies that bolster African companies, including start-ups, enabling their integration at higher levels within regional and global value chains. The overarching goal is to achieve substantial economic growth, prosperity, poverty reduction, and sustainability in the social sector.”

    Eight, “increase investments in agriculture to significantly support smallholder farmers, providing them access to modern farming techniques, high-quality seeds, fertilisers, irrigation systems, and essential agricultural infrastructure. This will enhance food production and increase productivity.”

    Ninth, “promote climate-smart agricultural methods, encompassing conservation farming, agroforestry, and the cultivation of drought-resistant crop varieties and provide support to farmers in adapting to shifting climate patterns and mitigating crop losses caused by extreme weather events.”

    Tenth, “emphasise the value addition of natural resources through a strategy of refining, manufacturing, and producing finished or semi-finished goods to attract higher prices in global markets” and eleventh, “ensure that mining practices are environmentally sustainable, with costs aligned with global standards, and implement stringent enforcement measures.”

    Twelve, “utilise innovative financing mechanisms to mobilise the necessary funding for addressing the infrastructure gaps on the continent, including advancing road transportation and services, energy, railway, air, and maritime transportation systems.”

    Thirteen, “nurture the development and uptake of innovative financial technologies (FinTech), including mobile payments, digital wallets, and online payment platforms. Also, to enhance telecommunication networks, expand internet accessibility, and establish resilient financial infrastructure to support electronic transactions efficiently.”


    Interoperability

    Interoperability, which is referred to as the basic ability of different computerised products or systems to readily connect and exchange information, was one actionable item that resonated throughout the dialogues among business leaders, heads of state, and industry players.

    Selorm Adadevoh, Group Chief Commercial Officer of MTN, Patricia Obo-Nai, Chief Executive Officer, Vodafone Ghana, Dr Ernest Addison, Governor of the Bank of Ghana, and President Akufo-Addo, in their various submissions at the dialogues, supported the concept and called on decision-makers on the African continent to give interoperability and the architecture needed to implement it all the attention it deserves.


    AfCFTA

    The Africa Continental Free Trade Area (AfCFTA) Secretariat on their part promised to “provide support to member States of the African Union that have not ratified the agreement, encouraging them to do so and to pursue “progress from the Guided Trade Initiative and implement comprehensive trading among all state parties under the AfCFTA agreement.”


    Development Partners

    Multilateral Development Banks, Regional Development Finance Institutions, commercial banks, investors, and other financiers noted that they are committed to continuing “to collaborate with governments and the private sector to make available attractive and affordable trade finance, supporting private sector engagement with the AfCFTA market.”

    Development partners, such as UNECA, UNDP, Africa Development Bank, Afriexim Bank, and others, during the dialogues, note that they will continue to provide coordinated support to governments, businesses, and the AfCFTA Secretariat, to expedite the full implementation of the AfCFTA.