A Call for Africa’s Business: H.E. John Dramani Mahama Call to Drive Africa’s Industrialization and Economic Growth

By Prof. Samuel Lartey

Introduction

At the 2025 Africa Prosperity Dialogues (APD) in Accra, Ghana, H.E. John Dramani Mahama delivered a compelling call to action for African governments to strengthen collaboration with the private sector to accelerate industrialization, economic growth, and sustainable development. His message emphasized that achieving economic transformation requires good corporate governance, strategic resource allocation, human resource development, infrastructure enhancement, and comprehensive education policies.

Corporate Governance and Resource Allocation: The Pillars of Industrialization

H.E. John Dramani Mahama underscored that good corporate governance is essential for economic growth, as it ensures accountability, transparency, and efficient resource management. He pointed out that many African economies struggle due to misallocation of resources and weak regulatory frameworks.

“To achieve sustainable industrialization, governments must adopt strict corporate governance principles, ensuring that resources are allocated efficiently to sectors that drive long-term economic growth,” H.E. John Dramani Mahama stated. He cited successful economies like Rwanda, Botswana, and Mauritius, where strong governance policies have significantly improved economic indicators.

Industrialization: A Strategic Approach through SEZs and Infrastructure Development

John Dramani Mahama emphasized that Africa’s industrialization agenda must be deliberate and well-structured, driven by Special Economic Zones (SEZs) and robust manufacturing policies. He pointed to China’s economic rise, fueled by SEZs that contributed to 22% of its GDP, 45% of total national FDI, and 60% of its exports, as a blueprint for Africa.

“In Africa, our SEZs can serve as hubs of industrial innovation, attracting investors and transforming raw materials into high-value exports,” Lartey noted. Currently, only 8% of Africa’s total exports are processed goods, compared to 38% in South America and 60% in Asia.

Countries like Ethiopia, Kenya, and Nigeria have made strides in establishing SEZs, but lack of infrastructure, bureaucratic bottlenecks, and financing hurdles continue to hamper their full potential. Ghana, for example, launched the Tema Industrial City SEZ, but a $2 billion financing gap has slowed its progress. Lartey called on public-private partnerships (PPPs) to bridge this gap and make Africa’s SEZs globally competitive.

Human Capital Development: Investing in the Workforce

H.E. John Dramani Mahama stressed that human resource development is key to sustaining Africa’s economic growth. He highlighted the need for technical and vocational education and training (TVET) to equip Africa’s workforce with skills relevant to emerging industries. Africa’s youth population is projected to reach 830 million by 2050, making education and training crucial for long-term sustainability.

Currently, only 2% of African students enroll in vocational education programs, compared to 10% in Asia. Lartey urged governments to increase funding for STEM (Science, Technology, Engineering, and Mathematics) education, pointing out that Africa spends only 1.1% of GDP on research and development, while global leaders like South Korea allocate 4.5%.

“Africa’s economic growth must be skills-driven. If we fail to invest in the right education, we will be stuck in a cycle of dependency, exporting raw materials and importing finished goods,” Lartey warned.

Infrastructure Development: The Engine of Economic Growth

Infrastructure remains a major constraint to Africa’s industrialization and economic growth. H.E. John Dramani Mahama highlighted that Africa faces a $100 billion annual infrastructure financing gap, limiting economic expansion.

“To accelerate industrialization, we must invest in roads, energy, and digital infrastructure, creating an environment that fosters business growth and economic resilience,” he stated. Only 43% of Africans have internet access, compared to 90% in Europe, a disparity that must be addressed for Africa to fully harness digital opportunities.

Fintech and Digital Transformation: A Catalyst for Economic Growth

H.E. John Dramani Mahama also championed fintech and digital transformation as crucial drivers of Africa’s industrialization. With mobile money and e-commerce already reshaping business landscapes, fintech solutions can unlock new growth opportunities. In 2024 alone, Africa’s fintech industry attracted $3.2 billion in investments, with major players like Flutterwave and Chipper Cash expanding across the continent.

“Technology has the power to make Africa more competitive. We must leverage fintech, e-commerce, and blockchain to streamline business transactions and reduce financial barriers,” he stated.

Africa’s digital economy is projected to hit $180 billion by 2025, contributing up to 5.2% of the continent’s GDP. However, high internet costs and poor digital infrastructure remain obstacles. Governments must partner with the private sector to invest in digital infrastructure to improve accessibility.

The AfCFTA and the Road Ahead

H.E. John Dramani Mahama’s remarks align with the African Continental Free Trade Area (AfCFTA), which aims to increase intra-African trade by 52% by 2030. The trade bloc, with a combined GDP of $3.4 trillion, presents a historic opportunity for Africa to move away from reliance on external markets.

However, infrastructure deficits and non-tariff barriers continue to slow progress. John Dramani Mahama called on governments to harmonize trade policies and remove bureaucratic obstacles that make cross-border trade cumbersome.

Conclusion

H.E. John Dramani Mahama’s speech at the Africa Prosperity Dialogues 2025 underscored a fundamental truth: Africa’s industrialization cannot be achieved without strong public-private partnerships, good corporate governance, strategic resource allocation, investment in SMEs, skills development, and digital transformation.

His call for SEZ expansion, SME financing, educational reforms, and fintech adoption presents a blueprint for Africa’s future, one where the continent is not just a supplier of raw materials but a global industrial powerhouse. The time to act is now. Africa must seize the moment, mobilize resources, and implement policies that will transform its economic landscape for generations to come.