Chief Executive Officer of the Chamber of Bulk Oil Distributors, Senyo Hosi has charged African leaders to focus on industrialising the continent as that is the only way to develop the continent.
He said industrialising Africa will put it in a better position to survive in tomorrow’s world and build a meaningful environment for its growing youth.
“In effect the world’s industries will have to expand or relocate closer to raw materials and the growing African demand. As argued by the African Economic Outlook (2018), industrialization is a critical tool in employment generation and poverty reduction and it spurs technological advancement and innovation as well as productivity gains. These are critical competencies required for the survival of any region in today’s and tomorrow’s technological world, a world driven by Artificial Intelligence and critical skills, such as innovation, visionary leadership and effective policy formulation and management.”
Speaking at this year’s African Development & Investment Convention (ADIC) summit, Senyo Hosi noted that the maintenance of the status quo in Africa is a ‘catastrophe in waiting’ as over 12 million youth join the workforce annually.
“Social media and the internet have exposed our youth to a definition of a better world and a better lifestyle. They can see the progress and productivity of other youth (in Singapore, Silicon Valley, Zurich and many more). Keeping our youth unproductive, uncompetitive and idle at this scale is dangerous and a time BOMB. It is a recipe for immense social tensions capable of reversing many of the gains we have made in recent decades. Africa’s youth must be put to constructive work. It makes no sense to them that amidst all the resources in Africa, they should be unable to realise their aspirations,” he stated.
He is of the view, however, that an industrialised Africa will help end the high rate of unemployment on the continent.
“Industrializing Africa will address Africa’s employment concerns and transform its high economic growth rates into increased domestic revenue mobilization for development. Currently, most African countries are performing below the required threshold of 25% of GDP to support infrastructure investment.”
Mr Hosi further debunked the notion that the rise of Africa’s industries will result in the fall of developed economies.
According to him, it is rather a win-win situation as Africa needs the expertise of the developed economies to achieve its goal of industrialisation.
Speaking at this year’s African Development & Investment Convention (ADIC) summit, Mr Hosi said “for the developed world and leading economies, Africa’s industrialization will always be a win-win situation. Hence the call for true economic partnership. Taking a cue from the words of the President of the Republic of Ghana, Nana Akuffo Addo, we call on all to partner Africa build an Africa beyond Aid”.
“To achieve industrialization, policy making must be deliberate and thorough – from the educational and skills development system all through to the realignment of institutions to ensure success,” he added.
This year’s ADIC was on the theme, “Africa Rising – Lacing Politics, Industry and True Partnership for Sustainable Development”.
