In order to speed growth, the Minister of Foreign Affairs and Regional Integration, Shirley Ayorkor Botchwey has called for increased trade among African nations.
“As leaders in the public sector, private sector, banking, small and medium-sized businesses (SMEs), startups, regulation, and civil society, it is our duty to utilize our combined resources and abilities to create an effective marketplace for goods and services, create jobs, and promote prosperity for all Africans,” she stated.
At the sixth Swakopmund International Trade Expo (SWAiTEX) inauguration in Namibia, the minister issued the call. “Efficient connectivity and resource beneficiation for sustainable growth in Africa” is the exhibition’s subject.
Two presidents and cabinet members from southern Africa were there, along with prominent Namibian businessmen. Vice President Slumber Tsogwane of Botswana, together with Presidents Nangolo Mbumba of Namibia and Mogkweetsi Masisi of Botswana, attended the celebration in Swakopmund, 360 kilometers west of Windhoek.
The minister stated, “We agree wholeheartedly,” quoting South African AfCFTA Secretary-General Wamkele Mene, “The African Continental Free Trade Area is the beacon of hope for Africa’s economic resurgence.”
Flaunting an African-print ensemble and a hand-woven kente shawl draped over her shoulders, Ms. Botchwey, a former Deputy Trade Minister, exhorted the populace to designate “African products our preferred products” and to establish regional and pan-African partnerships in order to cater to the shared market.
She stated that the region, which connects 1.3 billion people from 55 nations, is a free trade area with a $3.4 trillion GDP overall. Massive new markets, rapid industrialization, and new investment opportunities are all promised by the Ghana-based AfCFTA.
Ms. Botchwey stated that the African economies were currently dealing with difficult challenges, such as compounding effects on debt, energy, food security, living expenses, joblessness, and the climate issue.
The AfCFTA’s revolutionary potential, she asserted, “shows that we can overcome our challenges and build resilient economies.”
The AfCFTA-Guided Trade Initiative Namibia joined with Ghana, South Africa, Kenya, Tanzania, and Cameroun was praised by her.
The AfCFTA’s minimal trading level was met in 2022, at which point interested parties might start trading under the Guided Trade Initiative, an intermediate solution. Its purpose is to find and correct flaws in the agreement and assess its ability to operate as intended.
In order to promote trade and investment between the two nations under the auspices of the AfCFTA, a Memorandum of Understanding was also signed in April 2023 by the Namibia Investment Promotion and Development Board and the Ghana Investment Promotion Center.
A key component of Ms. Botchwey’s platform as a candidate for Commonwealth Secretary-General is trade and investment. Among the twenty-one Commonwealth nations of Africa are Namibia, Botswana, and Ghana. In total, there are 56 of them.
According to her, poor nations with overlapping memberships in multilateral organizations need to collaborate proactively to alter their marginalized position in international commerce and governance.
BY: APPIANIMAA MERCY
