The African continent is resource-rich, yet it is the smallest recipient in terms of regional foreign direct investment globally.
This requires a new strategy to not only optimize effectively the mineral resources but also to ensure that it translates into significant trade, first among African nations and then with the rest of the world.
The Chief Executive Officer of the Ghana Investment Promotion Centre (GIPC)), Mr Reginald Yofi Grant, who made these remarks during a press briefing in Accra on Monday, noted that GIPC would execute that through the African Continental Free Trade Area (AfCFTA) to achieve optimal growth in intracontinental trade as well as enabling consistent and constructive trade with other parts of the world.
“The African continent is the most resourced in terms of natural resources on the continent and is very often highlighted that in this day and age of energy transitions. The continent is very well positioned in a way to solve many of the global problems.
“Africa is awash in lithium huge deposits, as well as resources needed for energy transitions; 65% of coal tar used in mobile batteries and other phone parts is found in Africa and more than 50% of gold deposits are also found in Africa,” he stated.
He disclosed that GIPC would host the First Annual Assembly of African Investment Promotion Agencies in Accra on January 25, 2023.
“The Heads and Representatives of the invited African Investment Promotion Agencies along with colleagues from the World Association of Investment Promotion Agencies (WAIPA); economic and political leaders would explore the critical role Investment Promotion Agencies played in boosting intra-African trade,” he noted.
He also stated that there would be additional discussions on the emerging opportunities presented by AfCFTA and how various development actors can leverage them to facilitate trade on the continent and boost socioeconomic development.
Patience Anaadem, ISD
