AfDB President makes case for Africa
The President of the African Development Bank (AfDB), Mr Akinwumi Adesina, has made a strong case for Africa urging American investors not to look far but consider investing heavily in the continent to enable them yield the right returns on their investments.
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According to him, with African countries seeking to have investors to help build their infrastructure in the area of electricity, ports, rails, aviation and roads among others, the opportunities for American investors is enormous and urged them to take full advantage of the situation to invest.
Mr Adesina made the call when he addressed the opening session of the 11th Biennial US Africa Business Summit in Washingtoc DC on June 14. The week long event which attracted business people,government and non governmental agencies across Africa and other parts of the world is on the theme "The U.S. Stake in Africa: A call for greater economic engagement".
Leading a powerful government delegation is the Minister of Trade and Industry, Mr Alan Kyeremateng. With him are the Chief Executive Officer of the Ghana Investment Promotion Centre, Mr Yofi Grant, Executive Secretary of the Ghana Freezones Board, Mr Michael Okyere Baafi, the Chief Executive Officer of the Venture Capital Trust Fund, Mr Yaw Owusu-Brempong and the Chief Executive Officer of the Ghana Export Promotion Authority, Madam Gifty Klenam.
With a resounding round of applause to signal an acceptance of his call, the president of the AfDB said Africa had a yawning infrastructure gap of about $50 billion annually and noted that at the time when the continent was unanimous in pushing for investment and not aid from stronger financial nations, it was time for America to feel more encouraged by the change in African mentality to invest for better returns.
"There are many countries on the continent of Africa with strong political stability, allowing democracy to work, adherring to the rule of law and ensuring economic management that work to the benefit of the people" Mr Adesina said.
He said the population of Africa was about reaching 840 million in the next couple of years with the middle class growing at a faster pace.
Mr Adesani said as the continent required more partnership, there was no where better to look for the right returns on investment than in Africa and noted that opportunities abounded, hence there was no need for time wasting.
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The President of the Corporate Council on Africa, organisers of the summit, Ms Florizelle Liser, said "I encourage you all to use the summit to help shape and set the path for a robust economic partnership among those doing business in Africa and to emphasise to the new U.S. Government leadership the importance of a strong U.S.-Africa trade, investment and business relationship".
According to her the CCA will use the rich dialogue and exchange to further develop its recommendations that will soon be presented to the Trump administration and other stakeholders.
"This year's summit therefore provides the perfect opportunity for CCA to be a strong voice and effective advocate both in the U.S. And on the continent - helping to shape the discussions and facilitate a stronger U.S.-Africa trade, investment and business relationships that are mutually beneficial to both America and African companies their citizens", she said.
Mr Kyeremateng said the new political leadership in many parts of Africa was a signal for change for the better and urged U.S. Investors to come do business.
"The investment opportunities are enormous and there is also strong political stability that will guarantee the safety of your investments so the time to come is now", he said.