Firstbank Ghana Champions Economic Growth At Crystal Ball Africa Forum
At the 11th edition of the annual Crystal Ball Africa (CBA) business forum that as held at the Labadi Beach Hotel last week under the theme From Challenges to New Opportunities, Alexander M. Markwei, Head of Transaction Banking at First Bank Ghana, emphasized the urgent need for African businesses to shift from import dependency to value-added exports.
Speaking to an audience of over 400 business leaders and policymakers, Alex Markwei’s remarks focused on the topic The Big Buyers Looking for Sellers. How African Businesses can tap into the big Asia Market, underscoring the potential for African markets to engage with the booming Asian economy.
The CBA, which was organized by AB & David Africa, a pan-African business law firm with independent offices in six (6) countries and a network of firms in 30 African countries, provided in-depth insights for businesses and policymakers across the continent, addressing trends and issues that may impact business strategies in the new year. Mr. Markwei opened the panel discussion by acknowledging Africa’s current economic challenges, stating, “as it stands now, we are more import-dependent than export-oriented. We export raw materials at lower value, which is not sustainable.” He urged for a collective effort to build capacity within African economies to enhance the value of exported goods. Using cocoa as an example, he asked, “can we move a step further by processing this cocoa? Can the government help in building that capacity?”
Markwei called for a collaborative approach involving both the government and the private sector, stating, “we need the government as a key partner in this endeavor. They must invest in building capacity and conducting market research to prepare our businesses for international partnerships, particularly in Asia.” He emphasized the importance of diversifying exports and highlighted the need for deliberate strategies to industrialize African economies.
Supporting Markwei’s insights, Yaw Nsarkoh, former Executive Vice President of Unilever Global Markets and Business Leader with experience in Africa, Asia and Europe, who joined the panel discussion virtually reflected on the historical task facing the current generation of Africans: “The elimination of poverty is our most important historical task. Too many of our people live in mass misery, evidenced by deep poverty and poor nutrition.” Nsarkoh pointed out the critical role of the state in fostering economic growth, stating, “The purpose of the state is to seek the welfare of its citizens. We need a competent state that champions the ecosystem to improve the livelihoods of the masses.” He called for stronger investment in research, innovation, and institutions to create an environment conducive to sustainable growth.
Clement Gyan-Mensah, Senior Business Development Officer for Middle East and Africa at Enterprise Singapore, also contributed valuable insights to the discussion. He noted, “We have been exporting cocoa for years without developing the value chain to benefit local farmers. What if we could produce cocoa butter on a large scale instead of shipping raw cocoa? This would create value for our farmers and enhance our non-traditional exports.” Gyan-Mensah emphasized the need for African countries to innovate and adapt, stating, “While traditional exports continue to lead, we must explore non-traditional avenues to increase trade with Asia. We should look to diversify our offerings to meet the evolving demands of international markets.”
The CBA forum provided a platform for collaboration, networking, and sharing insights on navigating the complexities of the African business landscape. As businesses prepare for the challenges and opportunities of 2025, the discussions highlighted the importance of strategic partnerships, innovation, and government support in driving economic growth across the continent.
First Bank Ghana reiterated its readiness to support these initiatives and foster partnerships that will enable African businesses to thrive in the global marketplace. The CBA forum is a unique opportunity for First Bank Ghana to partner with other stakeholders, reinforcing its commitment to the development of the African economy.
