Africa Must Act Decisively to Address Unemployment and Strengthen Intra-Continental Trade — Economist
By: Solomon Nartey Tetteh
Economist and lecturer at Wisconsin International University College, Rev. Dr. Sam Worlanyo Mensah, has urged African governments to take urgent steps to strengthen economic cooperation and reduce the continent’s overdependence on external markets.
Speaking on Business Breakfast on Zed, Dr. Mensah warned that Africa is “dragging its feet” on key economic initiatives, particularly the African Continental Free Trade Area (AfCFTA), which he described as crucial for reducing unemployment and bolstering economic independence.
He noted that while intra-European trade accounts for between 65% and 70% of total trade among EU countries, Africa’s intra-continental trade currently stands at just about 18%, a situation he described as “woefully inadequate.”
“Currently, Africa really needs to sit down because if you look at unemployment rates, they are very high. The AfCFTA was supposed to be the pilot project for continental business agreements, but Africa is dragging its feet,” he said.
Dr. Mensah noted that improving continental trade would reduce production costs, ease market access for African businesses and help countries manage their growing economic debts.
“Taking advantage of the continental free trade area will help reduce market demands and, by so doing, reduce most of our costs in terms of national debt,” he explained. “That is the only way African countries can decolonize themselves when it comes to debt restructuring.”
He cautioned that global economic blocs, including Europe, America and China are fiercely competing for influence, often to the detriment of Africa’s development efforts.
“There are international political dimensions to this. These blocs will try as much as possible to frustrate your efforts. It’s like Africa doesn’t know what is waiting for it,” he said.
Dr. Mensah stressed that stronger leadership from the African Union (AU) and ECOWAS is essential to push the continent toward true economic freedom.
“We have achieved political independence, but economic independence is what we are still struggling with. Africans must become stronger, and our regional bodies must work harder to address the issues that feed the perception of neo-colonialism,” he said.
He called for renewed commitment from African leaders to ensure that AfCFTA becomes a transformative tool for development, job creation and long-term prosperity.
The Economist noted that Ghana’s recent fiscal improvements and policy reforms are helping to stabilise the economy and strengthen the local currency.
He explained that the country’s fiscal management, particularly the balance between expenditure and income has improved, allowing government to prioritise capital investments over recurrent.
According to him, these measures have contributed to increased revenue mobilisation, bolstering the country’s fiscal position. Dr. Mensah further highlighted the positive role of the Bank of Ghana’s recent interventions, especially policies that give industries greater flexibility in conducting transactions in foreign currency.
