\n
Industrialisation and Supply Chain Management expert, Professor Douglas Boateng, has stated that African countries must develop the entire value chain of products and services on the continent for the African Continental Free Trade Area (AfCFTA) initiative to succeed.<\/p>\n
The process, which he referred to as \u201cstrategic sourcing,\u201d means that individuals should move away from purchasing \u201ccheap products\u201d from abroad and instead add value to indigenous produce.<\/p>\n
That, he said, would help create a competitive advantage and reduce over-dependence on foreign goods.<\/p>\n
Prof. Boateng was speaking at an inaugural lecture series held in partnership with the Ghana Institution of Engineering (GhIE) on the theme: \u201cEngineering, Industrialisation, AfCFTA, and Strategic Sourcing: The Inextricable Links.\u201d<\/p>\n
To properly develop the value chain, from production to consumption, he noted that Africans must refrain from exporting the continent\u2019s natural resources in their raw state.<\/p>\n
He said the inability to add value to local resources has led to excessive importation of foreign goods, resulting in \u201chuge amounts of money leaving the continent.\u201d<\/p>\n
To create a common market as envisioned under AfCFTA, Prof. Boateng again called for the removal of \u201cartificial borders\u201d between countries to facilitate the movement of persons, goods, and services across the continent.<\/p>\n
He noted that \u201cstrategic sourcing\u201d would increase domestic demand, boost local production, empower small and medium-sized enterprises, and create more jobs for the continent.<\/p>\n
To that end, he emphasized the pivotal role engineers must play in building Africa\u2019s supply and value chain infrastructure to make the continent a major force in international trade.<\/p>\n
Prof. Boateng said engineers must be supported to contribute effectively to value addition and problem-solving to accelerate industrialisation.<\/p>\n
He urged Africans to \u201cplan and think long-term,\u201d adding that AfCFTA must be \u201cmore of a continental issue than a national issue.\u201d<\/p>\n
Source:\u00a0<\/strong>GNA<\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"
Industrialisation and Supply Chain Management expert, Professor Douglas Boateng, has stated that African countries must develop the entire value chain of products and services on the continent for the African Continental Free Trade Area (AfCFTA) initiative to succeed. The process, which he referred to as \u201cstrategic sourcing,\u201d means that individuals should move away from purchasing […]<\/p>\n","protected":false},"author":1,"featured_media":186192,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[],"class_list":["post-186191","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business"],"yoast_head":"\n
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