APD 2024: African countries must adopt new investment strategy, says KGL boss

The chairman of KGL and Ghana Investment Promotion Centre, Alex Dadey has called on governments on the continent to incentivize African conglomerates to expand their operations to developed markets.

According to the chairman of the KGL Group, this will help stabilise the currencies of African countries, foster economic growth and create jobs on the continent.

Speaking at the opening of the 2024 Africa Prosperity Dialogue (APD) on Thursday (25 January) at Aburi on the theme “Developing Prosperity in Africa: Produce Add Value and Trade” Dadey advised African countries to adopt a new investment strategy.

“We need to adopt a new approach to our investment strategy, it is essential that African governments identify African conglomerates to establish a presence in developed markets.

“These conglomerates should be encouraged to acquire stakes in raw material producing companies in the developed markets, thereby enabling them to benefit from the value-added creation.”

“The significant profits generated from these companies can be repatriated back home, for instance, what stops COCOBOD from investing in Nestle and most of these multinational companies? Just through this initiative, they can increase their share of the industry by participating in the processing of these cocoa and producing of chocolate,” he said.

Listen to Alex Dadey in the attached audio clip below: 

The three-day event ends on Saturday 27 January 2024 and will have as its overarching focus the need to propose concrete measures which will lead to Africans achieving prosperity for the African continent.

The APD, organised in close collaboration with the African Continental Free Trade Area (AfCFTA) Secretariat, based in the capital city of Ghana, Accra, will also seek to emphasise the unique opportunity that the AfCFTA offers Africa and her people to break free from the pervasive perceptions of poverty, unemployment and underdevelopment with which the continent is so often associated.

Dignitaries

Five African heads of state and another from the Caribbean, as well as several top business and thought leaders from across the African continent and the diaspora are participating in the second edition of the Africa Prosperity Dialogues (APD), which is currently underway at the Presidential Lodge at Peduase, in the Aburi Hills of the Eastern Region

Reporting by Fred Dzakpata in Aburi

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