Despite Africa's rich natural resource base, the continent remains mired in poverty due to insufficient exploitation of these resources. Additional hurdles include trade barriers, high unemployment, and escalating living costs.
Kwame Danquah, President of the International Secretariat of Harakati za Muungano, argues that trade is crucial for Africa's economic growth. He emphasizes that freer trade within the continent could unlock the full potential of African resources, strengthen regional ties, and attract foreign investment.
Danquah highlighted that intra-African trade remains notably low, below 15%, a stark contrast to other regions. "Africa's trade among its own countries falls short of 20%. This low level of internal trade is a significant barrier to alleviating poverty and fostering economic progress," he said.
He advocates for an integrated market that eliminates trade barriers, harmonizes standards, and encourages cross-border investments. Such measures, he believes, will enable Small and Medium-sized Enterprises (SMEs) to thrive by accessing larger markets, boosting innovation, competitiveness, and employment.
Danquah also called for a reduction in reliance on foreign aid, urging increased production capacity and job creation. The recent launch of Harakati za Muungano in Accra marks a step toward forming a unified trade union in sub-Saharan Africa aimed at promoting liberty, justice, and equality.
Source: Peacefmonline.com
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