Africa cannot industrialise without investment capital, says Alan Kyerematen
Ghana’s Trade and Industry Minister, Alan Kyerematen, has called on African leaders to develop a new strategic framework to reshape the fortunes of industrialisation on the continent.
Kyerematen, who has championed the successful implementation of Ghana’s One District One Factory (1D1F) agenda, urged African leaders to map out a master strategy to boost the industrial revolution on the continent.
Speaking on behalf of Nana Akufo-Addo at the 17th extraordinary session of the Africa Union (AU), he asked African leaders to seriously embrace industrialisation as a means to tackle poverty and minimise unemployment.
“The answer to this paradox is for Africa to industrialise and add value to its natural resources. It is not by coincidence that the most powerful economies in the world also happen to be the most industrialised.
“It is against this background that I wish to commend highly the efforts of the AU Commission in bringing a new impetus for the industrialisation of our continent,” Kyerematen said at the summit in Niamey, Niger.
He said that the industrialisation process comes with the outlay of huge financial resources, among others, but urged African leaders to adopt measures that will help to make this possible.
“As we are all aware, industrialisation does not occur by chance or happen overnight. Africa will industrialise only if we plan for it through deliberate, consistent, and systematic efforts both at the regional and national levels.
“In this regard, I will encourage the African Union Commission to initiate the formulation of a new strategic framework for Africa’s Industrialization, learning from the experiences of the implementation of AIDA.
“Africa cannot industrialise without investment capital. African governments will therefore need to introduce business regulatory reforms that will attract private capital, both domestic and foreign, into industrial development activities,” Kyerematen said.
The minister cited the example of Ghana as a case study where the comprehensive 10-point for industrialisation led by the One District One Factory was developed.
“In Ghana we have launched and are implementing a Comprehensive Ten-Point Plan for Industrial Transformation, which includes amongst others, the flagship “One District One Factory” Initiative which seeks to decentralise industrialisation, and the establishment of strategic anchor industries, which seek to diversify the Ghanaian economy away from cocoa and gold. Ghana is ready and willing to share our experiences with sister African countries,” Kyerematen said.