Africa is home to eight of the 15 least economically diversified countries. To promote diversification and achieve the expected growth of 4.3% in 2025, which would make Africa the second fastest-growing region in the world, Ghana’s Finance Minister Cassiel Ato Forson is calling for intra-African trade and unity between African countries.
The economies of sub-Saharan Africa have long been heavily dependent on raw materials. To ensure the continent’s development, economic diversification has become a central pillar of African governments’ strategies. And to meet the challenge of economic diversification, Ghana’s Finance Minister Cassiel Ato Forson is calling for greater intra-African trade and unity between African countries.
“I believe in African trade. I believe that the time has come for African businesses to cross artificial borders and trade with each other”.
Cassiel Ato Forson, Minister of Finance – Ghana
In the face of global uncertainty, notably the cancellation of USAID and the standardisation of customs duties at 10%, Cassiel Ato Forson urges African leaders and decision-makers to grasp their destiny and seize the new opportunities open to them.
“It is now time for us to consider not only exporting raw materials to other countries, but also adding value to give us a competitive edge and diversifying our exports to different countries so that we are not overly reliant on one country. There are so many countries in the world that want those exports, so if one door seems to be closing, other doors will obviously open for you. We therefore need to open up, talk to others, see what opportunities exist elsewhere and then engage constructively with all countries so that everyone benefits”.
Cassiel Ato Forson, Minister of Finance – Ghana
Africa is home to eight of the 15 least economically diversified countries. Economic diversity and the strengthening of value chains should enable the continent to achieve the expected growth rate of 4.3% in 2025, making Africa the world’s second fastest-growing region.
