African nations should unite to trade among themselves because there is power in numbers, according to President Nana Addo Dankwa Akufo-Addo.
According to Mr. Akufo-Addo, intra-African commerce is one of the lowest of any area in the world, with Africa now making up only 3% of global trade.
This, according to him, is a result of the colonial economic system, which he described as being characterized by tiny individual economies and disjointed regional markets.
On Thursday, May 25, Mr. Akufo-Addo spoke at the 7th African Leadership Forum's opening ceremony in Accra.
"No country can afford to do it alone, and in Africa, we cannot allow exogenous shocks thousands of miles away to determine our collective faith," he added.
"Now is the moment 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.
“However, this cannot happen if we do not trade among ourselves. Africa accounts for only 3 percent of global trade and intra-African 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.”