African leader urges rapid industrialization at Africa Trade Summit 2026

At the Africa Trade Summit 2026 held in Accra, Ghana, Ghanaian President John Dramani Mahama urged governments, businesses, and financial institutions to accelerate industrialization and value addition to strengthen Africa's position in the global economy to secure jobs, resilience, and economic sovereignty.

The two-day summit, held from Jan 28 to 29, was organized by the African Trade Chamber and its partners as a private sector-led continental platform to advance intra-African trade, industrialization, and African Continental Free Trade Area (AfCFTA) implementation.

He said industrialization cannot be achieved by government alone, stressing the need for policy stability, reliable infrastructure, skills development, and long-term financing solutions to support private sector investment.

Addressing delegates, Mahama warned that Africa's long-standing dependence on exporting raw materials while importing finished goods had left the continent vulnerable to external shocks and trapped in low-value economic activities. He described the model as a neo-colonial arrangement that perpetuated poverty and underdevelopment across resource-rich nations.

"We can no longer accept an economic model that consigns Africa to exporting raw materials and importing finished goods," he said. "Manufacturing and agro-processing create jobs, they raise incomes, deepen skills, and anchor inclusive growth. They enable us to retain more value from our own resources and build resilient economies."

He underscored that political independence without economic transformation remained incomplete, noting that — despite Africa producing the bulk of the world's cocoa and holding vast mineral wealth — the continent captured only a fraction of global value. He said this imbalance highlighted the urgency of shifting toward beneficiation, industrial processing, and diversified production.

Mahama also called for reforms in the global financial architecture to improve Africa's access to affordable capital and sustainable debt solutions, arguing that industrialization would remain elusive without predictable financing.

He said reducing non-tariff barriers, simplifying customs procedures, improving logistics, and investing in digital trade infrastructure were essential if the AfCFTA was to translate into tangible industrial growth.

Echoing the president's call, Sam Jonah, chairman of the Advisory Board of the Africa Trade Chamber, urged African countries to adopt a deliberate inward-looking and "selfish" economic strategy focused on building domestic industrial capacity. He warned that failure to industrialize would expose the continent to marginalisation in a rapidly changing global order.

Speaking at the opening of the summit, Jonah said the global economy had fundamentally shifted under the pressure of protectionism, geopolitical rivalry, and climate change — leaving Africa increasingly vulnerable to shocks beyond its control.

He described industrialization as both Africa's "shield and sword", arguing that economic growth without structural transformation remained fragile and unsustainable. He said Africa's continued reliance on raw commodity exports left it exposed to volatile prices and external pressures, while value creation occurred elsewhere.

Africa's response, he said, must be anchored in value addition, regional integration, and more assertive negotiation in global trade relations, supported by full implementation of the AfCFTA. "This inward focus is not isolation. It is empowerment," he said, urging countries to prioritize local processing of minerals, agricultural products, and pharmaceuticals.

Fatou Haidara, deputy director-general of the United Nations Industrial Development Organization, said the AfCFTA would not deliver its promise unless trade liberalization advanced alongside industrial production.

She said Africa must transition from commodity exports to value-added goods through integrated regional value chains supported by energy, infrastructure, finance, and investment-ready projects.

sharon@chinadailyafrica.com