Abuja, Nov. 29, 2023: The Economic Commission for Africa (ECA) says Africa’s low global Gross Domestic Product (GDP) contribution is a call for immediate action by governments on the continent.
The ECA Director of Macro Economic Policy Division, Adams Elhiraika, said this in Abuja on Tuesday.
He said “we are still exporting our resources to other continents to be processed and sent back to the continent.
Our global value chain contribution is about 1.7 per cent, which is very low.
“Africa’s contribution to the global GDP is less than three per cent, while the population is almost 18 per cent of the global population; this is unacceptable.
“And I think this calls for strong and immediate action by African countries.”
On the way forward, Elhiraika said political commitments that was translated into accelerated implementation of the African Continental Free Trade Area (AfCFTA) was needed.
He added that “for industrial development to happen, you need to have the political commitment, the development plans and strategies, and institutions that will promote industrialisation activities.
“We have the momentum and historical opportunities provided by AfCFTA and the growing integration of African economies.
“By political commitment, we refer to the need for African leaders to act on issues that do not allow free movement of people, tariff or non-tariff barriers to movement of goods and services across Africa.”
The director, therefore, urged stakeholders, policymakers and leaders at all levels to collaborate to implement decisions targeted toward Africa’s industrialisation.
He said “when we talk about political will, we do not just wait for top leaders to act; we can act at different levels and communicate our ideas to all involved in policymaking and implementation processes.”