Bawumia: Africa needs $130-170 billion annually to bridge infrastructure gap
The African Continental Free Trade Area (AfCFTA) could be accelerated by smart investments in the continent’s critical infrastructure, according to Vice President Dr. Mahamudu Bawumia.
Speaking at the maiden Africa Prosperity Dialogues, also known as the Kwahu Summit, Bawumia said that the continent needs to produce and trade its way out of poverty and underdevelopment, and that this cannot be done without investing in smart infrastructure.
He added that there is a need for additional resources to finance physical infrastructure such as roads, rail, energy and digital infrastructure, including data centers, to facilitate the digital transformation and financial integration of markets.
Bawumia emphasized the need to mobilize finance and investments across the continent, saying Africa needs between $130 billion and $170 billion annually to bridge its infrastructure gap and generate sustainable growth at 5% per annum or more.
