The AU and the EU, both together and individually, must focus their efforts on the appropriate vehicles for attaining this goal. For its part, the AU will need to establish stronger institutions capable of nurturing economic growth and ensuring that its gains are widely shared. As recent coups in West Africa show, many African countries have a long way to go to establish good governance and thereby provide for their populations.
In an exclusive interview with PAV, Dr Bawumia sheds light on progress with key segments of the agenda of President Akufo Addo under his purview, COVID 19, and other seminal developments across the continent.
Long before this summit, European Union members and business investors have been making consistent efforts at capitalizing on and exploring several emerging opportunities offered by the newly introduced African Continental Free Trade Area (AfCFTA), which provides a unique and valuable access to an integrated African market of 1.3 billion people. In practical reality, it aims at creating a continental market for goods and services, with free movement of business people and investments in Africa.
Of course, Dr. Nkrumah during the years between 1945-1972, wrote extensively on the necessity of African unification. The union of African governments and people would encompass the national economies, the trade unions, youth, women, military institutions and the establishment of a continental market based in socialist planning.
The question is, are African countries harnessing this potential offered by the AfCFTA?
This year marks the 65th anniversary of the start of diplomatic relations between China and African countries. Over the past 65 years, China and Africa have forged unbreakable fraternity in our struggle against imperialism and colonialism, and embarked on a distinct path of cooperation in our journey toward development and revitalization. Together, we have written a splendid chapter of mutual assistance amidst complex changes, and set a shining example for building a new type of international relations.
The economic principles have to be pursued and demanded with the same energy as the political ones. Fundamentally, it is the responsibility of the state, controlled by democratic institutions and an active civil society, to ensure that economic growth actually translates into employment creation.
The AfCFTA aspires to connect all the regions of Africa, to deepen economic integration and to boost intra-African trade and investment. It aspires to create a single market for goods and services across 55 countries and our continent, creating a market of as much as 1.3 billion people with a combined GDP of $3.4 trillion.
United States investors are looking forward to exploring several opportunities in the African Continental Free Trade Area (AfCFTA), a policy signed by African countries to make the continent a single market.
In order to raise the economic influence, Russians have been making efforts to identify a structured finance mechanism for mega infrastructure projects such as nuclear power and energy, natural resources exploration and to significantly increase trade with Africa
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