By Sarah Baafi
Africa is at risk of missing a crucial opportunity to strengthen its position in global trade unless it urgently invests in infrastructure, digital technology, and regulatory reforms, the Member of Parliament for Madina Constituency, Francis-Xavier Sosu, has warned.
Speaking at the Africa Research and Innovation Commercialisation Summit (ARICS) 2025, he cautioned that despite Africa’s vast potential, the continent remains on the periphery of international trade due to outdated policies and a lack of investment in key sectors.
The summit, themed “The Africa Trade Awakening: From Suppliers to Global Power Players,” brought together leaders to discuss Africa’s economic future. However, Hon. Sosu painted a stark picture of the challenges facing the continent, urging governments to take decisive action.
“African countries must ensure the realisation of inclusive and sustainable investments in Africa’s youthful population,” he said. While the continent’s young workforce presents a massive economic advantage, he argued that without strategic investments, this potential could be wasted.
One of the major roadblocks to Africa’s growth, according to Hon. Sosu, is the underutilisation of the African Continental Free Trade Area (AfCFTA).
“We must leverage the AfCFTA as a vehicle to become a powerful trade bloc,” he said. “By doing so, African nations can increase intra-African trade, reduce dependency on external markets, and enhance their bargaining power in international trade negotiations.”
In Ghana, Hon. Sosu pointed to outdated financial regulations as another significant hurdle. He specifically called for amendments to the Payment Systems and Services Act, 2019 (Act 987), arguing that the existing framework fails to accommodate emerging trends in artificial intelligence and cryptocurrencies.
“For Ghana, we must take urgent steps to amend our laws… to introduce a new regime to regulate modern trends such as artificial intelligence and cryptocurrencies,” he stated.
Without these reforms, he warned, Ghana and other African nations risk being left behind as the rest of the world accelerates towards a digital economy.
Hon. Sosu concluded his speech with a call for unity and collective action. “Together, we must stand and work together and commit ourselves to the journey ahead as we awaken to the dawn of a new era,” he urged.
