A new book which has been launched by the World Bank, is proposing ways by which countries in Africa can transform its economies.
According to the book, more participation in global trade by African countries, is key in the global trade.
Titled, ‘ Africa In the New Trade Environment: Market Access In Troubled Times ‘, the book prescribed the need for the continent to go beyond trading in raw materials into linking its production and trade to the global economy where it can take advantage of the unlimited demand and innovation along the supply chain.
The book which was co authored by Albert Zeufack and Souleymane Coulibaly, noted that unilateral trade preferences have the potential to promote economic transformation through exports and calls for evaluating and re-engineering trade with traditional partners.
“Utilization rates of many African countries for the existing trade presences- such as African Growth and Opportunity Act( AGOA) and Everything But Arms ( EBA) are systematically low. Evidence on AGOA shows that natural resources, mainly oil, accounts for the bulk of African exports “, the book said .
“ There is the need to integrate unilateral trade preferences with other efforts to deepen trade and investment between Sub-Saharan African countries and the OECD countries mainly the US and the EU”, the book stressed.
The Minister for Trade and Industry, Alan Kyeremanten, who was at the launch, urged Africans to move from just having a Free Continental Trade Agreements to industrialization.
Africa’s 3percent of the global trade according to him, is distressing which is why there is the need to prioritize, adding value to the abundant natural resources the comrimwnt can boast of.
He called on the private sector to see themselves as partners in this value adding priority since government is committed to working and supporting them in that regard.
During a panel discussion on the book launch, the Chief Executive Officer for the Private Enterprise Foundation, Nana Osei Bonsu, stressed the point all the ideas that have been suggested in the book can only materialize if governments in Africa make it a policy to mobilize resources towards yielding more from global trade.
