President John Dramani Mahama has underscored the need for Africa to pursue industrialisation strategies anchored in the continent’s comparative advantages.
He explained that despite Africa’s enormous wealth in both human and natural resources, the continent continued to depend heavily on global powers to finance its development.
“Manufacturing and agro-processing create jobs, increase incomes and deepen skills. They help us retain more value from our own resources and build resilient economies. And yet today, Africa’s share of global financing remains low,” he remarked.
President Mahama was addressing the opening of the Africa Trade Summit 2026, held in Accra yesterday, on the theme: “Financing Africa’s Industrialisation: Developing Industrial Value Chains, Beneficiation, and Market Integration.”
He bemoaned the persistent barriers to industrialisation on the continent, including limited access to long-term affordable finance for small and medium-scale enterprises, shallow financial markets, high interest rates, low levels of non-extractive investment and rising debt pressures.
To advance Africa’s industrialisation agenda, President Mahama urged countries to mobilise domestic resources more effectively through improved revenue collection, stronger public financial management and decisive action against illicit financial flows.
He called for better management of Africa’s institutional capital, including diaspora financing, industrial bonds and construction funds, to be channelled into productive industrial investments.
“Our development finance institutions must fulfil their mandate to mobilise private capital and support regional industrial projects,” he said.
President Mahama added that African governments must actively crowd in private sector investment through public-private partnerships, risk-sharing mechanisms and credit guarantees, describing these as essential tools for driving industrialisation and strengthening financial markets.
He further encouraged African leaders to continue advocating reforms of the global financial system to ensure fair access to capital and sustainable debt solutions.
“Africa must invest in transport corridors, energy grids and digital infrastructure, while harmonising trade and regulatory relations. Industrial integration requires market integration,” he noted.
According to the President, the African Continental Free Trade Area (AfCFTA) remains the most ambitious integration project ever undertaken on the continent, but must be deliberately linked to industrial policies, infrastructure investment and enterprise development.
“Reducing tariff and non-tariff barriers, simplifying customs procedures, improving logistics and investing in digital trade infrastructure are essential if the AfCFTA is to deliver on its promise,” he stressed.
For her part, the Minister of Trade, Agribusiness and Industry, Mrs Elizabeth Ofosu-Adjare, urged African countries to finance their own industrialisation through clear sectoral strategies, innovative blended finance mechanisms, regional coordination and a commitment to transparency and results.
The Deputy Director-General of the United Nations Industrial Development Organisation (UNIDO), Mrs Fatou Haidara, highlighted the need for the AfCFTA to be viewed not only as a trade agreement but also as an industrial agreement.
She urged African governments to prioritise inclusive industrial growth and pledged UNIDO’s continued support for industrialisation across the continent.
The two-day summit was attended by the President of the Democratic Republic of São Tomé and Príncipe, Mr Carlos Vila Nova; the Chairman of the Advisory Board of the Africa Trade Chamber, Mr Sam Jonah; the Executive Chair of the Africa Trade Chamber, Mrs Benedicta Lasi; members of the diplomatic corps; and industry players from across Africa.
By Benjamin Arcton-Tettey
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