Ghanaian lawmaker, Akwasi Oppong-Fosu had the privilege to speak at the 26th Annual Wall Street Economic summit in New York in the United States.[ads2]
The summit which was under the theme “US-AFRICA Summit-Benefits and Expectations”, had the Amenfi East legislator invited by Rev Jesse Jackson Snr, a US Civil Rights icon and founder of the Rainbow Push Coalition.
In his address on actualizing Africa’s growth potential, Mr Oppong-Fosu said it requires a radical approach by addressing the annual infrastructure deficit estimated to cost USD 80-100 billion to catalyse value addition to natural resources.
He said attempts to address this challenge through bilateral and multilateral loans continue to push African countries into the ‘debt trap’ and perpetual poverty.
Read his full speech he posted on social media;
It is an honour and privilege to be invited by Rev Jesse Jackson Snr, US Civil Rights icon and Founder/President of the Rainbow Push Coalition to speak at the 26th Annual Wall Street Economic Summit in New York.
The theme for the Summit is: US-AFRICA Summit-Benefits and Expectations.[ads3]
Highlights of my address:
1. That Africa’s huge potential for growth has dominated global conversations over the years.
Being the second the largest continent ( in geographical size) and accounting for 65% of the world’s arable land; 18% of the world’s population; 40% of the world’s gold; 90% of the world’s chromium and platinum; largest reserves of cobalt, diamonds and uranium; 10% of the world’s fresh water; 70% of the world’s cocoa beans but in terms of global trade, Africa’s share has stagnated around 3% with a corresponding 2.84% of world GDP ( in nominal terms).
2. Actualizing Africa’s growth potential, requires a radical approach:
i Addressing the annual infrastructure deficit estimated to cost USD 80-100 billion to catalyse value addition to natural resources. Attempts to address this challenge through bilateral and multilateral loans continue to push African countries into the ‘debt trap’ and perpetual poverty. The Summit is to be reminded that the impact of the WWII on Europe does not compare to centuries of slavery and colonialism. However, Europe benefited from the Marshall Plan without the burden imposed by loans as it is the case for Africa. What Africa needs now- and the call goes to Rev Jesse Jackson, Snr is to lead a crusade for a ‘Jackson Plan’ for Africa’s infrastructure development.[ads4]
ii. The Summit is also challenged to partner with the AU in its efforts at combating Illicit Financial Flows from Africa which is estimated to cost Africa between USD 50-60 billion annually through tax evasion, over-invoicing and under-invoicing, money laundering and other criminal activities by foreign companies and their local collaborators.
iii. The AU must show leadership in ensuring that African countries establish functional governance systems and strong institutions most particularly merit-based public sector to push through the continent’s transformation agenda.[ads5]
