Calls for protectionism in the West should not scare Africa, says Abdalla Hamdok

Abstract

Acting Executive Secretary of the Economic Commission for Africa (ECA), Abdalla Hamdok, says there’s no need for Africa to panic as sentiments of protectionism and populism grow louder in Western Europe and America. Mr. Hamdok said Africa needs to work tirelessly on value addition and move away from the model of selling its rich natural resources which do not generate enough financing for the development of the continent. “We really need to rethink this outdated model of relying on exports of our raw materials where we still have commercial activities going on in villages with no running water, no clinic and all that,” said Mr. Hamdok. Mr. Hamdok said the high-level meeting should come up with concrete recommendations on how Africa should tackle the issues of innovation, industrialization and infrastructure, especially financing mechanisms, including developing, strengthening and deepening financial markets. This is the first of two meetings that will be held in preparation of a bigger high-level meeting in New York in May to discuss and find ways to address impediments to industrialization, infrastructure development and innovation in Africa.