AAI takes part in the Kwahu Summit, Africa Prosperity Dialogues
The three-day conference, titled “AfCFTA: From Ambition to Action, Delivering Prosperity Through Continental Trade,” took place in Accra, Ghana from January 26th to January 28th, 2023, and was organized by Ghana’s Africa Prosperity Network and the AfCFTA Secretariat, with assistance from the United Nations Development Programme (UNDP), the United Nations Economic Commission for Africa (ECA), and the Ghana Investment Promotion Centre.
While moderating panels of discussions about ‘Security and Intra-African Trade’ and ‘FDI and Diaspora Direct Investment: Channeling Diaspora Capital as a driver for economic growth’, “AAI was proud to participate as a partner organization in the inaugural African Prosperity Network Dialogues and to emphasize the critical role of the diaspora in African liberation and as the largest source of capital to fuel growth in Africa” declared AAI’s President, Kofi Appenteng.
The Africa Prosperity Dialogues (Kwahu Summit) is a strategic forum aiming at where the key players in the African economy will transform the AfCFTA goals from lofty aspirations into practical initiatives. Every year, on the occasion of the Kwahu Summit, African leaders from a variety of national endeavors get together to talk about and share experiences on projects and challenges necessary for Africa to attain the objective of shared prosperity and shape the Africa Agenda for Action.
Vice President of the Republic of Ghana, H.E. Dr. Mahamudu Bawumia, officially launched the retreat by stressing the significance of the AfCFTA for the growth of Africa in his speech.
The conference recalled that the full implementation of the AfCFTA Agreement would promote international investment by eliminating tariffs and other trade restrictions and giving investors access to a continent with 1.3 billion people and a combined GDP of $3.4 trillion, which is anticipated to increase significantly in the years to come.
Another outcome of the discussion was that the Agreement would promote economic stability for all Africans, boost trade, create better employment, reduce poverty, and make Africa highly attractive for investment, hastening the achievement of both Agenda 2063 and the Sustainable Development Goals. Africa’s exports to the rest of the world are anticipated to expand by 32% by 2035, while intra-African exports are anticipated to increase by 109%. Foreign direct investments into the continent are anticipated to rise by between 111 and 159%.
For AAI’s Chair, Christal Jackson, who participated in the FDI and Direct Diaspora Investment panel, “participating in the maiden Prosperity Dialogues and share on the importance of connecting descendants of African ancestry was an absolute honor.”