The Asantehene, Otumfuo Osei Tutu II, has called for a new economic vision for Africa, urging governments and investors to move beyond the continent’s traditional dependence on raw material exports and focus on value addition, skills development and productive investment.
Speaking at the maiden Africa Business Investment Summit in Washington D.C., Otumfuo said Africa was entering a critical period as technological advances, shifting global supply chains and changing patterns of production create new opportunities for the continent.
“Africa must no longer be regarded merely as a continent of future potential. Africa is already becoming a central part of the future global economy, and those who understand this will position themselves advantageously,” he emphasised.
He said Africa’s economic transformation must be driven by its existing strengths, including its youthful population, natural resources, expanding consumer markets, entrepreneurial talent and growing technological capabilities.
The Asantehene acknowledged the development challenges confronting the continent but urged African leaders and investors to shift the focus from what Africa lacks to how its resources and human capital can be turned into productive economic assets.
He cautioned against maintaining a model in which Africa exports raw materials while other countries process them and capture most of the value.
“A new Africa must therefore be built on value addition. Our ambition must not simply be to export more, but to produce more value before we export.”
Otumfuo also called for investments that strengthen productive capacity within African economies, including the development of local industries, technical expertise and institutions.
He said deeper economic integration would also be critical to unlocking the continent’s potential, particularly through the African Continental Free Trade Area, which he described as an opportunity to create a more interconnected African market capable of offering investors greater scale.
The Asantehene placed Africa’s rapidly growing youth population at the heart of the continent’s economic future, describing its people as its greatest resource.
“The continent’s greatest resource is not found beneath the soil. It is found in its people.”
He warned that failing to create meaningful economic opportunities for young Africans could fuel frustration, while deliberate investment in education, skills, innovation and industry could turn the continent’s youthful population into a major productive force.
“If we fail to create opportunities for them, we will create frustration. If we succeed, we will unleash one of the world’s greatest productive forces.”
