Driving Africa's growth through trade & industrialization

The Africa Prosperity Dialogue 2025, held at the Accra International Conference Centre in Ghana, is placing a strong emphasis on paving the way for Africa's Single Market through Infrastructure. A crucial conversation on trade investment and industrialization has taken center stage this year, as CNBC Africa's Akinkunmi Obakeye engaged in a compelling discussion with Amany Asfour, President of the Africa Business Council. Asfour highlighted the significance of creating a borderless, innovative, and competitive Africa that thrives on trade, investment, and industrialization. This vision aligns seamlessly with the Africa Business Council's core values, aiming to foster a prosperous, peaceful, and integrated Africa, driven by its own citizens. Under the umbrella of the Africa Business Council are 25 clusters that focus on various sectors including trade, investment, infrastructure, energy, agriculture, healthcare, women entrepreneurship, youth SMEs, and mineral resources development. The council's strategy revolves around the Triad of Empowerment, consisting of private sector strengthening, policy advocacy, and product development. Private sector empowerment involves capacity building for SMEs, women, and youth, while policy advocacy aims at creating an enabling environment for the African private sector through initiatives such as directing 40% of government procurement to African businesses. The third pillar, product development, emphasizes industrialization, value addition, and beneficiation, urging Africa to move away from raw material exportation and focus on processing and manufacturing goods. A key highlight from the conversation was the pivotal role that SMEs play in Africa's economy, contributing to 85-90% of the GDP and serving as significant job creation platforms. Despite Africa's rich natural resources, there has been a struggle in harnessing them effectively. Asfour pointed out the missed opportunities in the electric vehicle battery market, where African countries possess lithium reserves but have failed to transition from exporting raw materials to becoming manufacturing hubs. The challenge lies in bridging the gap between exporting natural resources and producing finished goods. Addressing this challenge, Asfour emphasized the importance of industrialization and value addition by organizing events like the Congress for Mineral Resource Development, aimed at creating a roadmap for mineral industrialization. The vision is to equip Africa with the skills, technology, financing, and coordination required to drive industrialization on the continent. Collaboration between private sector entities under the Africa Business Council and engagement with regional business councils are key to fostering manufacturing expertise and promoting bankable projects. The platform provided by the Africa Prosperity Dialogue serves as a crucial space for dialogue and collaboration between government leaders and business stakeholders, fostering a conducive environment for economic growth. Africa's journey towards economic prosperity hinges on leveraging its abundant resources through trade, investment, and industrialization initiatives. By empowering the private sector, advocating for favorable policies, and focusing on product development, Africa can unlock its full potential and emerge as a key player in the global market.