Africa urged to encourage entrepreneurship as a tool for development

The African Entrepreneurship Policy Forum, organized by the Rwanda Development Board and the United Nations Conference on Trade and Development, has brought together key stakeholders to discuss systemic approaches to the formulation of adequate policies. The forum aims to encourage entrepreneurship as a tool for development and ultimately achieve sustainable growth in the region. CNBC Africa recently interviewed Hon. Carlos Kinglesy Ahenkorah, Ghana's Deputy Minister of Trade & Industry, to shed light on how the dialogue can be leveraged to meet the objectives of the African Union 2063 Agenda. A key theme that emerged from the interview is the importance of entrepreneurship in driving inclusive growth and achieving the Sustainable Development Goals (SDGs). Hon. Ahenkorah emphasized the significance of goal nine, which focuses on infrastructure development, innovativeness, and industrialization. He highlighted the critical role of entrepreneurs in transforming African economies and addressing the infrastructure gap on the continent, which amounts to an annual investment requirement of 80 to 100 billion dollars. One of the primary challenges discussed during the forum is the lack of adequate infrastructure to support entrepreneurial activities. While entrepreneurship is essential for economic development, without proper infrastructure, the potential impact of entrepreneurs is limited. Hon. Ahenkorah underscored the need for impact-driven investments and public-private partnerships (PPPs) to bridge the infrastructure gap effectively. He emphasized the role of the private sector in complementing government efforts and driving social development. Furthermore, the interview touched upon the significance of intra-Africa trade and the role of policies in promoting economic integration. Ghana, as a trailblazer in facilitating travel within Africa by removing visa requirements, exemplifies the importance of breaking barriers to foster trade. Hon. Ahenkorah highlighted Ghana's commitment to initiatives like the Continental Free Trade Area (CFTA), which is set to create a market space of 1.3 billion people. The CFTA aims to enhance trade within the continent by enabling goods to move freely across African countries, ultimately promoting industrial growth and economic prosperity. In conclusion, the African Entrepreneurship Policy Forum serves as a platform for stakeholders to collaborate on fostering entrepreneurship, addressing infrastructure challenges, and promoting intra-Africa trade. By leveraging the insights and initiatives discussed at the forum, African countries can work towards achieving sustainable development goals and advancing the objectives of the African Union 2063 Agenda.