18.2 C
Friday, September 29, 2023

Africans must move from export of primary products to value addition – Mahama

Former President John Dranani Mahama has called for the promotion of African entrepreneurship and enterprise.

Above all, he said, they must expand trade among themselves.

Speaking at the Korea-Africa Business Summit 2023, he said “In Africa, we have a unique problem, which is an asset at the same time, if we manage it well— Africa is the youngest continent and has the largest population of young people. Africa’s youthful population is educated and eager to acquire new skills to enter the world of work.

“Twelve (12) million young Africans enter the labour market every year. Unfortunately, only
three (3) and four (4) million jobs are created annually in Africa. Africa needs to double its job creation capacity to keep up with the growing youth bulge, or it will turn into a ticking time bomb.

“To do this, we must accelerate the growth of African economies. We must diversify our
economies from just the export of primary products. We must strive for value addition for our exports. We must promote African entrepreneurship and enterprise, but above all, we expand trade among ourselves.

“How can we forge a partnership with Korea that allows our young people to benefit from a
transfer of knowledge and technology that harnesses their vast talents and creativity for
growth? I would like to have this summit consider the above when submitting a report on the outcomes of our deliberations.”

He added “Ghana has had a history of Korean investments in Ghana. Early investors like the well known Bok Nam-Kim made significant investments in fisheries and agribusiness. Other investors who have come in have concentrated on the import of used autos and auto spare parts.

“With the recent opening of a KIA vehicle assembly plant, I can see new beginnings. Younger Koreans like my friend Kojo Choi have invested in the Fintech space. His PaySwitch payment and settlements platform is bringing in some of the latest Korean fintech experience, providing banking and credit solutions for Ghana.”

Latest news
Related news