Mrs Elizabeth Adjei, a former Ambassador to Spain, has urged African leaders to explore and forge new economic alliances to achieve development and prosperity.
She said with the rapidly changing world, Africa could no longer rely on economic agreements, which were signed years ago to achieve prosperity, describing such agreements as “no longer fit for purpose.”
Speaking at the maiden African Diplomacy and Business Dialogue (AfDiB 2025), in Accra on Wednesday, Mrs Adjei said the leaders must look at new and emerging blocs, which offered a stable and prosperous future for all.
She bemoaned the unilateral altering of global trade agreements by a few countries for the benefit of their people.
She cited the recent imposition of trade tariffs on countries, including Africa, by the new United States Administration, stating that such decisions had changed the long-standing trade agreements and economic alliances.
“While we all share the desire to see positive growth in human development and creating a prosperous future, it is patently clear that the tools that we have relied on are changing rapidly and the world as we know it seems to no longer exist,” Mrs Adjei said.
“The institutions that we developed collectively are no longer fit for purpose.”
Africa, she said, could no longer depend on such trade agreements to achieve prosperity, urging the continent’s leaders to forge new partnerships with emerging and more prosperous economic blocs such as the BRICS.
“Indo-Pacific project and of course AfCFTA have the potential to open doors to a stable and prosperous future for all,” Mrs Adjei added.
The dialogue, organised by the SALT University College, was to facilitate discussions and initiatives to contribute to the realisation of the African Continental Free Trade Area (AfCFTA) vision.
Held on the theme: “Harnessing African Diplomacy for the Success of AfCFTA,” the dialogue brought together diplomats, business people, academia and policy makers.
Mrs Elizabeth Ofosu Adjare, Minister of Trade, Industry and Agribusiness, bemoaned the lack of progress made in fully realising the potential of the AfCFTA.
The Minister, in a speech read on her behalf, said with a combined Gross Domestic Product (GDP) of over $3.4 trillion and a market size of 1.3 billion people, AfCFTA offered a huge opportunity to lift millions out of poverty, industrialise the continent and put Africa at the right place, globally.
However, she said, the mere existence of the agreement on paper would not guarantee success of AfCFTA if the necessary steps were not taken.
For instance, she cited the lack of coordination in policies and regulations, infrastructure and messages among countries, which are signatory to the agreement as key factors affecting the realisation of the vision of the AfCFTA.
“A market cannot function effectively with 55 different sets of rules, standards and customs procedures,” she said.
Mrs Adjare, therefore, urged African leaders to recommit to the agreement by ensuring that all trade policies and regulations, infrastructure and connectivity and engagement with international trade partners such as the US, China, and European Union were harmonised.
Dr Kodzo Alabo, President, SALT University College, emphasized the critical roles that bold diplomatic engagements, innovative businesses and uncompromising leadership could play for the success of the AfCFA, warning that economic policy alone would not be enough.
“It requires the collective wisdom of statesmen and women, the innovation of entrepreneurs and the courage of thought leaders to build bridges of trust, cooperation, and shared prosperity across Africa,” he stressed.
Dr Alabo said opportunities must be created where ambassadors regularly met with entrepreneurs, policymakers met innovators and academia met industry.
Mr Tsonam Akpeloo, Greater Accra Regional Chairman, Association of Ghana Industries, called for the empowerment of African businesses, which must be put at the forefront of diplomatic trade engagements with international partners to help realise the vision of the AfCFTA.
“We (businesses) believe that because of our experience and the things we have done, it is easier for us to appreciate the issues and negotiate better than civil servants,” he said.
Source: GNA
Source: ghanabusinessnews.com
