BTA2023 Professor Douglas Boateng, the former Board Chairman of the Minerals Income and Investment Fund (MIIF), has called for African leaders to prioritize industrialization, trade integration, and infrastructure development, warning that without decisive action, the continent will remain economically stagnant. Speaking at the Africa Prosperity Dialogues (APD) Conference 2025 under the theme ‘Africa’s Unfinished Business: The Inconvenient Truth About Our Chains, Our Choices And Our Future,’ he emphasized that Africa’s economic challenges are largely self-inflicted and driven by short-term thinking.
The Importance of Long-Term Vision
Professor Boateng urged Africa to shift from being mere consumers to becoming producers of their own future. “If we do not invest in research, development, and industrialization, we will remain consumers of what others create rather than creators of our own destiny,” he stated. He warned that no nation has ever developed without investing in infrastructure and urged African leaders to make bold investments to support industrialization and trade.
He also stressed the importance of regional integration, noting that Africa must stop behaving like a collection of disconnected economies. “We cannot truly trade if we are not connected,” Boateng pointed out, calling for long-term investments to improve connectivity and integration. Without these efforts, Africa will struggle to realize its potential in global trade.
A Self-Inflicted Tragedy of Underdevelopment
Professor Boateng firmly stated that Africa’s underdevelopment is not a result of external forces, but a consequence of poor choices and short-term thinking. “This is not a tragedy of circumstance. It is a tragedy of choices,” he said, urging African leaders to take responsibility and change course to unlock the continent’s full potential.
He emphasized that the path to prosperity lies in breaking the chains of underdevelopment and embracing long-term strategies. “Africa stands at a crossroads. We can either break the chains that bind us or continue polishing them, mistaking motion for progress,” he remarked.
The Case for Investment in Infrastructure
One of the most significant barriers to Africa’s growth is the lack of efficient infrastructure, particularly in transport. Boateng pointed out that the high cost of logistics in Africa is a major hurdle to economic progress. “In some countries in Africa, logistics costs account for 40% of total product costs. In Europe, it’s as low as 10%,” he explained.
He cited China as an example of how investment in infrastructure can drive industrialization and trade. “In the 1980s, China’s economy had similarities with many African countries. Today, China is the second-largest economy in the world. Why? Because it built the infrastructure to support industrialization and internal trade,” he explained. With over 150,000 kilometers of rail network, China’s efficient transport system has reduced costs and created millions of jobs, something Africa could replicate with the right investment in modern railways.
Unlocking the Potential of AfCFTA
Professor Boateng also highlighted the African Continental Free Trade Area (AfCFTA) as a crucial opportunity for the continent. However, he emphasized that AfCFTA’s full potential cannot be realized through words alone—it requires tangible investments, cooperation, and sacrifice. Leaders must focus on long-term development over short-term political gains, he urged.
He pointed out that Africa holds some of the world’s largest reserves of critical minerals and arable land, yet continues to export raw materials and import finished products at higher costs. Despite possessing 60% of the world’s uncultivated arable land, Africa spends over $50 billion annually on food imports. This is a clear example of the continent’s failure to fully harness its resources.
Empowering Africa’s Youth
Africa’s potential lies in its youthful population, but Professor Boateng stressed that this demographic advantage cannot be realized unless the continent invests in education and skills development. “We have the world’s youngest population, but we fail to equip our youth with the skills and opportunities they need to succeed,” he said.
The Call for Bold Leadership
Professor Boateng concluded with a call for visionary leadership in Africa, emphasizing that leadership is not a privilege but a responsibility. He urged leaders to prioritize the economy, infrastructure, and long-term development over short-term political survival. “Africa does not need leaders who prioritize elections over economies. We need leaders who think beyond the next election and plan for the next generation,” he concluded.
Africa’s future hinges on its ability to invest in industrialization, infrastructure, and trade integration. By making bold choices, breaking free from short-term thinking, and empowering its youth, Africa can rise to its full potential and secure a prosperous future for its people.
