Industrialization and AfCFTA present multiple opportunities for private sector

Accra, May 24, GNA-Mr Kojo Aduhene, the Chief Executive Officer of Ghana-based LMI Holdings, says there are opportunities for investors to support Africa’s industrial expansion and intra-regional trade growth.

He said with countries now putting the necessary framework in place, the time was ripe for both the public and private sectors to begin addressing infrastructure shortfalls in priority areas, such as power distribution and transmission, alongside water and internet provision.

Mr Aduhene made these remarks in a statement issued in Accra by Marc-André de Blois, Director of PR and Video Content, Oxford Business Group.

He said Ghana and Africa must industrialise and to do that “we need to have an enabling environment. We need to make sure we have in place all the infrastructure that will be needed.”

Mr Aduhene was upbeat about the prospects for increased intra-regional trade through the African Continental Free Trade Area (AfCFTA), which he said held the key to boosting Africa’s competitiveness over time.

“We need to integrate to make use of various raw materials so we can be competitive,” he said.

He said the agreement was excellent because it forced countries to take decisions and expressed excitement especially for a company that wanted to be active Africa-wide in five- or 10-years’ time.

Mr Aduhene said the importance of making Environmental, Social and Governance (ESG) goals a priority in areas such as power generation and transport was another focal point.

“If we don’t look at ESG goals now, we will pay a price in the future,” he said.

He said, “If it is done to scale, renewable energy can be cheaper than the sources we have now. For regional integration, transport is crucial.”

He suggested that there should be the development of other forms of transport that were more environmentally friendly and cheaper such as rail and waterway transport.

“One way of doing so is to develop smart cities where we can use technology to make living easier, to make the provision of leisure, traveling to work and all of that much simpler,” the CEO said.

Mr Marc-André de Blois, OBG’s Director of PR and Video Content, said, “Africa stands on the brink of an exciting new chapter in its growth story, with the implementation of the AfCFTA translating into myriad openings for investors as the continent moves to lay the groundwork for much-needed industrialisation and cross-border trade facilitation.”

Source: Ghana News Agency