The Chief Executive Officer of the Africa Prosperity Network, Gabby Asare Otchere-Darko, reveals that before the arrival of the single market system, which allowed all Africans to trade on a common platform, trade figures among African markets were extremely low, approximating 15 to 17% of shared GDP.
According to him, the minimal share of trade among African countries, compared to the EU markets, which is between 65 and 70%, necessitates the establishment of a common market for work and trade among Africans.
“Ultimately, we believe in the single market that has been created. The single market started through the AfCFTA on 1st June, 2021. It was supposed to be in 2020, but somehow it got delayed, and Ghana happened to be strategically where the secretariat of the AfCFTA is. Some of us believe that getting the single market working is one of the surest ways to accelerate development and prosperity on the continent because we are talking about a continent of 1.4 billion people with a shared GDP of about US$3.4 billion, which can grow if we can work together more and trade among ourselves more,” he said.
“When you look at the trade figures among Africans within Africa, they are extremely low, perhaps if you compare them to other regional markets such as the EU, which are around 65 to 70%,” he disclosed.
He said it is for this reason that the APN was thoughtfully designed to help Africans trade and do business amongst themselves without any limitations or restrictions.
Mr. Otchere-Darko identified “interoperability” as a limiting factor in the exchange of goods and services within Africa, as traders and African diasporans struggle to use mobile money and other digital platforms for payment.
“So we are looking at ways and how to get Africans to work together and trade amongst themselves to do business amongst themselves and interopability; two years ago we were told that mobile money transactions in the continent is around US$ 836 billion, and this is about me being able to use my mobile wallet to buy something in other countries. This is just within the various countries, so it tells you the potential if we can get to use our mobile wallet to buy goods and services in other countries,” he added.
The APN Chairman made this known during a press conference on Thursday, June 6, 2024, in Accra.
He said that the APN was established a few years ago, with its main focus being to build a network of private sector operators on the continent of Africa with the political leaders, which will deepen partnership on the continent and enhance greater intra-African trade, commerce, and investment.
He listed some of the key local and foreign companies and institutions partnering with their drive, including MTN Telecel, NCA Ghana, NCA in other countries, the Cyber Security Authority, AfCTFA, AfDB, the Arab Bank for Development, Smart Africa, Safaricom, and the Chamber of Telecommunications.
Mr. Otchere-Darko stated that despite being an African activity, the move of his APN in promoting interoperability would benefit many Ghanaian businesses due to the organisation’s headquarters being located in Ghana.
The activities lined up for the organisation include the 2025 edition of the African Prosperity Dialogues (APD), to be held from January 30 to February 1, 2025, at the Accra International Conference Centre.
However, on July 5, 2024, the APN will host a symposium themed “Scaling Up Interoperability: Using Mobile Money to Buy and Sell Across Africa” also in Accra.
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