26th Annual Wall Street Economic Summit in New York
Akwasi Oppong Fosu Writes: It is an honour and privilege to be invited by Rev Jesse Jackson Snr, US Civil Rights icon and Founder/President of the Rainbow Push Coalition to speak at the 26th Annual Wall Street Economic Summit in New York.
The theme for the Summit is:
US-AFRICA Summit-Benefits and Expectations.
Highlights of my address:
1. That Africa’s huge potential for growth has dominated global conversations over the years.
Being the second largest continent ( in geographical size) and accounting for 65% of the world’s arable land; 18% of the world’s population; 40% of the world’s gold; 90% of the world’s chromium and platinum; the largest reserves of cobalt, diamonds, and uranium; 10% of the world’s freshwater; 70% of the world’s cocoa beans but in terms of global trade, Africa’s share has stagnated around 3% with a corresponding 2.84% of world GDP ( in nominal terms).
2. Actualizing Africa’s growth potential, requires a radical approach:
i. Addressing the annual infrastructure deficit estimated to cost USD 80-100 billion to catalyze value addition to natural resources. Attempts to address this challenge through bilateral and multilateral loans continue to push African countries into the ‘debt trap’ and perpetual poverty. The Summit is to be reminded that the impact of WWII on Europe does not compare to centuries of slavery and colonialism. However, Europe benefited from the Marshall Plan without the burden imposed by loans as is the case for Africa. What Africa needs now- and the call goes to Rev Jesse Jackson, Snr is to lead a crusade for a ‘Jackson Plan’ for Africa’s infrastructure development.
ii. The Summit is also challenged to partner with the AU in its efforts at combating Illicit Financial Flows from Africa which are estimated to cost Africa between USD 50-60 billion annually through tax evasion, over-invoicing and under-invoicing, money laundering, and other criminal activities by foreign companies and their local collaborators.
iii. The AU must show leadership in ensuring that African countries establish functional governance systems and strong institutions most particularly merit-based public sector to push through the continent’s transformation agenda.