ECA Urges Swift Action as Africa's Low GDP Contribution Sparks Concerns - The Top Society

ECA Urges Swift Action as Africa’s Low GDP Contribution Sparks Concerns

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The Economic Commission for Africa (ECA) has sounded the alarm on Africa’s minimal global Gross Domestic Product (GDP) contribution, calling for urgent action by governments across the continent.
Adams Elhiraika, the Director of Macro Economic Policy Division at ECA, expressed these concerns in an interview with the News Agency of Nigeria in Abuja on Tuesday.
Elhiraika highlighted a critical issue, stating,
“We are still exporting our resources to other continents to be processed and sent back to the continent. Our global value chain contribution is about 1.7 per cent, which is very low. Africa’s contribution to the global GDP is less than three per cent, while the population is almost 18 per cent of the global population; this is unacceptable.”
In response to this disparity, Elhiraika emphasized the need for immediate and robust action by African countries. He underscored the importance of translating political commitments into accelerated implementation, particularly focusing on the African Continental Free Trade Area (AfCFTA).
ECA
Elhiraika stressed, “For industrial development to happen, you need to have the political commitment, the development plans and strategies, and institutions that will promote industrialization activities. We have the momentum and historical opportunities provided by AfCFTA and the growing integration of African economies.”
Political commitment, according to Elhiraika, involves addressing issues hindering the free movement of people, as well as tariff or non-tariff barriers to the movement of goods and services across Africa. He urged stakeholders, policymakers, and leaders at all levels to collaborate in implementing decisions aimed at advancing Africa’s industrialization.
“When we talk about political will, we do not just wait for top leaders to act; we can act at different levels and communicate our ideas to all involved in policy making and implementation processes,” concluded the director.
As Africa stands at a crossroads, the ECA’s call for immediate action underscores the significance of leveraging opportunities such as AfCFTA to propel the continent towards sustainable economic growth and increased global influence.
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