INDUSTRIALIZATION
industrialisation

For Africa to overcome key challenges of poverty and unemployment, greater industrialization and trade facilitation across the continent are the key, Ghana’s Minister for Trade and Industry said on Wednesday.

Allan Kyeremateng said while industrialization would help diversify the economies that had been dependent on the export of primary commodities, it would also help create jobs for the teeming youth in Africa.

The minister who opened the Eighth African Shippers Day described poverty and unemployment as “two sides of the same coin”.

“Job creation and income generation however are potent tools that deal with both as demonstrated by the experiences of most of the advanced economies,” the minister observed.

The minister said it is only through industrialization that Africa can diversify its economies, increase its export earnings, improve import substitution and finance development.

Kyeremateng however pointed out that the continent’s inability to integrate was a major draw-back in its quest to industrialize as trade facilitation and industry walked hand-in -hand.

Since industrialization and trade facilitation were the two key drivers of the continent’s transformation, the minister urged operators in the continent’s maritime industry to play the lead role in the quest toward industrialization. Enditem

Source: Xinhua/NewsGhana.com.gh

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