Story by, Nsor Paul Mensah
The 3rd day of the Africa Prosperity Dialogue, the majority leader of the Ghanaian parliament, Hon. Mahama Ayariga outlined a vision for advancing Africa's infrastructure to boost trade, economic integration, and job creation across the continent.
Ayariga highlighted the potential for the African Continental Free Trade Agreement (AfCFTA) to drive exports from Africa to $550 billion by 2035, primarily in the manufacturing sector. This growth is expected to create significant employment opportunities for the continent's youth and spur wage gains for both skilled and unskilled workers.
However, Ayariga emphasized that realizing this potential hinges on developing the necessary infrastructure to facilitate freer trade and the efficient movement of capital, goods, and services across Africa's borders. This includes establishing common currencies, integrated mobile communication networks, and robust national security measures to protect investments.
To address these infrastructure challenges, Ayariga called for the development of clear, consistent, and transparent legal pathways at the national level. These would promote favorable business environments, provide incentives for investors, and streamline regulatory processes for infrastructure projects.
Ayariga also stressed the importance of public-private partnerships (PPPs) in infrastructure financing, noting that governments alone cannot shoulder the burden. He pointed to the emergence of various national and continental development finance institutions, such as the African Development Bank and the Africa Finance Corporation, that are mobilizing resources and providing financing for infrastructure projects.
Combating corruption was identified as a critical priority, as Ayariga noted that it undermines infrastructure development by enabling fund diversion, inefficient project management, and unnecessary cost increases. He advocated for legislative measures to combat corruption and attract much-needed investment.
Looking ahead, Ayariga proposed the establishment of a continental infrastructure fund, modeled on the ECOWAS Levy, to finance regional infrastructure development and security initiatives. He also called for greater collaboration among African countries to share knowledge, expertise, and best practices, as well as engagement with international partners to secure funding, technology, and capacity-building support.
Ayariga's speech underscored the collective responsibility of African nations to work together and unlock the continent's single market potential through strategic infrastructure development. By addressing the legal, financial, and governance challenges, Africa can pave the way for a more integrated, prosperous, and secure future.