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Liberian Minister of Finance and Development Planning, Augustine Kpehe Ngafuan, has urged African countries to transform the current global economic difficulties into opportunities for enhanced continental collaboration and integration.
During a Roundtable on Investment Discussions involving Nigeria and Liberia, which took place in Lagos, the Liberian minister spoke on crucial challenges confronting the continent, including foreign tariffs, dwindling aid, and the necessity for Africa to create local solutions for sustainable development.
“At present, the continent is experiencing several challenges, yet the upside of these challenges could present significant opportunities,” he stated.
He pointed out the repercussions of international economic policies on Africa, mentioning that Liberia, along with many other African countries, is feeling the impact of tariffs enacted by the United States on 185 nations. Furthermore, he indicated that reductions in aid from the U.S. and other global powers have ushered in a new reality for African economies.
“As major powers withdraw their support, what does this mean for Africa? When doors are closed to us, that’s precisely the moment to take ourselves more seriously. To examine ourselves and to unlock our own doors,” he remarked.
Ngafuan emphasized the need to enhance African cooperation and adopt a comprehensive Pan-African perspective.
He highlighted that initiatives have already commenced but should progress at an accelerated pace, asserting that the African Continental Free Trade Agreement (AfCFTA), which he termed a vehicle for fulfilling Africa’s economic goals, must be rapidly implemented.
Ngafuan advocated for the elimination of inter-regional travel barriers, calling for a unified African passport and increased mobility throughout the continent.
“Why can’t we implement a single passport system that eliminates all visa restrictions? Let’s aim for greater ambition,” he stated.
