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0 News Ghana, Latest Updates and Breaking News of Ghana, News Ghana, https://newsghana.com.gh/africa-unveils-bold-infrastructure-compact-to-fuel-continental-integration/
In a historic move to accelerate Africa’s economic integration, the Africa Prosperity Network (APN) and the African Continental Free Trade Area (AfCFTA) Secretariat have launched an ambitious Infrastructure Compact aimed at transforming the continent’s connectivity and development.
The initiative, unveiled during the 2025 Africa Prosperity Dialogues (APD) in Accra, Ghana, seeks to mobilize Africans to take charge of financing critical infrastructure projects, marking a pivotal shift toward self-reliance and collective action.
At the heart of the Compact is an innovative funding mechanism targeting 100 million Africans to contribute as little as $1 a day into a dedicated infrastructure fund. This fund, sponsored by the AfCFTA Secretariat, will finance large-scale projects in energy, transport, and digital connectivity, essential for integrating Africa’s 55 economies into the world’s largest single market.
Held under the theme “Delivering Africa’s Single Market Through Infrastructure: Invest, Connect, and Integrate,” the APD summit brought together prominent African leaders, including Ghana’s President John Dramani Mahama, Togo’s President Faure Gnassingbé, and AfCFTA Secretary-General Wamkele Mene. The gathering underscored the urgency of addressing infrastructure gaps that have long hindered intra-African trade and economic growth.
The Infrastructure Compact outlines five transformative pillars for immediate action. First, it prioritizes transport and logistics integration, advocating for the full implementation of the Single African Air Transport Market (SAATM) and addressing the 30-40% cost premium on intra-African trade. Second, it focuses on energy security, emphasizing interconnected power grids and regional energy policies, with projects like the Grand Inga Dam and solar energy initiatives in the Sahara and Kalahari Deserts taking center stage.
Digital transformation forms the third pillar, with a five-year roadmap to achieve Pan-African mobile system interoperability. The Compact calls for all member states to join the Pan-African Payment and Settlement System (PAPSS) by 2027 and achieve cross-border mobile money interoperability by 2030. The fourth pillar targets healthcare and social infrastructure, urging governments to boost domestic pharmaceutical production and invest in digital health solutions.
The fifth pillar introduces the Integrated Africa Infrastructure Growth Fund, aiming to mobilize over $2 trillion in its first decade. This fund will leverage contributions from Africa’s growing middle class, estimated at 400 million people, alongside domestic capital markets, pension funds, and multilateral institutions.
Asare Otchere-Darko, Executive Chairman of APN, highlighted the potential of the initiative, stating, “If 100 million Pan-Africanists commit to investing just 30 a month, 36.5 billion annually to build the railways and roads that will connect our continent within five years.”
The summit concluded with the ceremonial lighting of the Africa Trade Torch, symbolizing a unified commitment to mainstreaming AfCFTA benefits, particularly for SMEs, women-led enterprises, and youth. Secretary-General Mene also announced the launch of the AfCFTA Transit Guarantee Scheme in 2025, a key step toward implementing the Compact’s recommendations.
Dr. Nkosazana Dlamini Zuma, APN Advisory Council Chairperson, praised Ghana’s mobile payment ecosystem as a model for continental digital financial integration. Meanwhile, Siding Eltoum, APN’s CEO, emphasized the importance of collaborative action, stating, “The Africa Prosperity Dialogues are crucial in uniting Africans around a shared vision and ensuring our solutions are practical and impactful.”
The APD 2025 summit attracted 5,000 participants from 46 countries, including heads of state, industry leaders, and development partners. APN plans to further advance the Compact’s agenda at the 38th African Union Summit in February 2025 in Addis Ababa, Ethiopia.
This bold initiative represents a turning point for Africa, demonstrating the continent’s determination to harness its collective resources and ingenuity to build a prosperous, integrated future. By prioritizing infrastructure and self-reliance, Africa is taking decisive steps toward realizing the vision of the AU Agenda 2063—a continent united, connected, and thriving on its own terms
News Ghana, Latest Updates and Breaking News of Ghana, News Ghana, https://newsghana.com.gh/africa-unveils-bold-infrastructure-compact-to-fuel-continental-integration/
