The colonial economic module is not helping Africans – Akufo-Addo

President Akufo-Addo

President Nana Addo Dankwa Akufo-Addo has told African countries that there is strength in unity hence they must come together to trade among themselves.

Mr Akufo-Addo stated that Africa currently accounts for only 3 percent of global trade with intra-African trade being one of the lowest of any region globally.

He attributed this to the colonial economic module which he said has been characterized by small individual economies and fragmented and disconnected regional markets.

Mr Akufo-Addo was speaking during the opening the 7th African Leadership Forum in Accra on Thursday, May 25.

He said “No country can afford to do it alone, in Africa, we cannot allow our collective fate to be decided by exogenous shocks thousands and thousands of miles away.

“The time is long overdue for Africa and Africans to define our own narrative, it must be defined by what see in ourselves and not what they choose to say about us.

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“However, this cannot happen if we do not trade among ourselves. Africa accounts for only 3 percent of global trade and intra-Africa trade is one of the lowest of any region globally.

“This is largely due to the colonial economic module characterized by small individual economies, fragmented and disconnected regional markets, overreliance on the production export of primary commodities and the presence of low productive capacities which have been in existence for the last century.

“As the adage goes, there is strength in unity, and for all 54-member states of the African Union, our strength is in our numbers.”


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