The Prime Minister of Ivory Coast, Robert Mambé, along with the President of the African Development Bank Group, Sidi Ould Tah, have called on Africa's private sector to play a leading role in the continent's economic development, emphasizing that present global trade disruptions offer an opportunity rather than a challenge.
The two leaders spoke on Monday during the launch of the 13th edition of the CGECI Academy, the main annual conference of Côte d'Ivoire's employers' association, which took place under the theme "Economic sovereignty: Time for Action." The two-day gathering attracted high-level government officials, business executives, and delegates from regional employers' groups.
Prime Minister Mambé emphasized the importance of shifting from analysis to action. "The time for self-reflection has ended; it's now time to take action!" he repeated. "We need to recognize our strengths, our weaknesses, and our unused potential, and above all, we must create a synthesis that strengthens our accomplishments for future opportunities rooted in smart and active collaborations."
He emphasized that achieving economic independence demands collaborative action from the government, private investors, young business owners, and citizens.
Dr. Ould Tah repeated this appeal, addressing the audience by stating that Africa needs to transform the present global trade conflicts into a "historic opportunity" to enhance regional value chains and process a larger portion of its plentiful raw materials within the continent.
"For Africa, this is not a danger; it presents a significant chance to build a more robust, unified, and resilient local economy," stated the Bank's President.
Dr. Ould Tah, who took office on September 1, presented his four-point plan for Africa's growth: generating significant capital, transforming Africa's financial system, speeding up the development of good jobs, and creating climate-resistant infrastructure through sustainable industrialization.
He highlighted that significant economic restructuring cannot be accomplished solely by governments. "They will also arise from the African private sector, which needs to play a central role in the strategy," said the Bank's president, urging business leaders to foster innovation and emerge as key participants in international markets.
The meeting occurs at a time when multilateral trade systems are experiencing increasing strain due to protectionist measures and global political conflicts. African leaders view this as an essential opportunity for the continent to enhance trade among itself and decrease reliance on outside markets.
Ahmed Cissé, head of CGECI, committed the private sector's backing for regional initiatives aimed at regaining economic and financial independence via institutional collaborations, such as "close cooperation" with the African Development Bank.
The CGECI, representing almost 80 percent of private sector companies in Côte d'Ivoire, has a longstanding collaboration with the African Development Bank to promote youth entrepreneurship. Their joint initiative,La finance s'engage(Finance Commits) has gathered funds for hundreds of Ivorian startups since 2016, including €1.108 millionprojectwhich has aided 200 young business owners, with almost a third being female.
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Tagged: Trade, Economy, Business and Finance, Africa, Privatization
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