Africans must move from export of primary products to value addition – Mahama

The former President of Ghana, John Dranani Mahama, has advocated for the encouragement of business ownership and entrepreneurship on the African continent.

First and foremost, he stressed the importance of increasing trade among them.

At the Korea-Africa Business Summit 2023, he made the following statement: "In Africa, we have a unique problem, which is an asset at the same time, if we manage it well— Africa is the youngest continent and has the largest population of young people. If we manage it well, this can be an asset." Young people in Africa have access to education and are keen to expand their skill sets in preparation for entering the workforce.

Every year, twelve (12) million young people in Africa enter the workforce for the first time. Regrettably, between three (3) and four (4) million new jobs are created each year in Africa. In order to avoid becoming a ticking time bomb, Africa must increase its potential for job creation by a factor of two in order to keep up with the rising number of young people across the continent.

"In order to accomplish this, we need to quicken the expansion of the economies of Africa. Instead of relying solely on the export of primary products, we need to diversify our economy. It is imperative that we work on adding value to our exports. We need to encourage entrepreneurship and business in Africa, but even more importantly, we need to increase trade within the continent.


"How can we forge a partnership with Korea that allows our young people to benefit from a transfer of knowledge and technology that harnesses their vast talents and creativity for growth?" is a question that has to be answered. When preparing a report on the results of our discussions, I would want to see this summit take into consideration the points raised above.

He continued by saying, "There is a long tradition of Korean investments in Ghana." A number of the earliest investors, including the well-known Bok Nam-Kim, made large investments in the fishing and farming industries. The importation of used automobiles and auto parts has been the primary focus of other investors who have recently entered the market.

"I can see new beginnings with the recent opening of a KIA vehicle assembly factory, which took place not too long ago. Several younger Koreans, including a friend of mine named Kojo Choi, have made investments in the financial technology sector. His PaySwitch payment and settlements platform is providing banking and credit solutions for Ghana, bringing in some of the latest fintech experience from Korea.