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0 News Ghana, Latest Updates and Breaking News of Ghana, News Ghana, https://newsghana.com.gh/majority-leader-calls-for-regulatory-harmonization-to-boost-african-economic-integration/
Majority Leader of Parliament, Mahama Ayariga, has underscored the urgent need for regulatory harmonization across Africa to accelerate economic integration and unlock the continent’s full potential.
His remarks came during the closing session of the Africa Prosperity Dialogues (APD) 2025, held at the Accra International Conference Centre on Saturday, February 1, 2025.
Speaking at the event, which focused on the theme “Presentation of Outcome Document: Two-Day Policy and Business Leaders’ Dialogues,” Ayariga highlighted the significant risks and costs associated with poor regulatory alignment. He noted that while these challenges are felt globally, their impact is particularly severe in Africa, where inconsistent regulations hinder growth and development across key sectors.
Ayariga pointed out that while regulatory misalignment is often discussed in the context of the pharmaceutical industry, its effects extend far beyond, affecting critical sectors such as energy, power, operational technology, and telecommunications. He emphasized that without harmonized regulations, Africa’s ability to attract investment and foster innovation remains severely constrained.
Citing MTN Group CEO Ralph Mupita, Ayariga reiterated the importance of standardizing operational and financing expectations for new projects across the continent. “Mupita has long advocated for this standardization, arguing that it would enable venture capitalists and investors to make decisions with greater ease and certainty,” he said. This, Ayariga added, is crucial for creating a conducive environment for business growth and economic development.
The Majority Leader also addressed the role of the African Continental Free Trade Area (AfCFTA) in driving regulatory harmonization. He stressed that as AfCFTA gains momentum, African nations must decide whether to pursue full integration through harmonized regulations or adopt a more passive approach focused solely on cooperation. For Ayariga, the choice is clear: “For Africa to be truly connected, especially in infrastructure, harmonization and standardization of policies and laws at the national level are imperative.”
Ayariga’s call to action comes at a pivotal moment for Africa, as the continent seeks to strengthen its economic ties and position itself as a global player. By aligning regulations and creating a unified framework, African countries can reduce barriers to trade, attract foreign investment, and foster innovation. This, in turn, would pave the way for sustainable development and shared prosperity.
The Africa Prosperity Dialogues 2025 concluded with a renewed sense of urgency and commitment among participants to address the regulatory challenges facing the continent. As African leaders and stakeholders work towards a more integrated future, Ayariga’s message serves as a timely reminder of the transformative power of regulatory harmonization in driving economic growth and unity across Africa.
News Ghana, Latest Updates and Breaking News of Ghana, News Ghana, https://newsghana.com.gh/majority-leader-calls-for-regulatory-harmonization-to-boost-african-economic-integration/
