Chairman of PanAvest International and Partners, Prof. Douglas Boateng, has challenged Africa’s economic narrative, asserting that while poverty persists on the continent, Africa itself is not poor.
He attributed Africa’s struggles to its failure to harness its vast resources effectively, rather than a lack of wealth.
Speaking at Day 2 of Africa Prosperity Dialogues (APD) 2025 held in Accra on Friday, Prof. Boateng highlighted that Africa sits on 60% of the world’s uncultivated arable land, yet it imports over $50 billion worth of food annually.
He emphasized that the continent possesses the largest reserves of gold, cobalt, and crypto-minerals, yet exports them in raw form only to repurchase finished products at exorbitant prices.
According to Prof. Boateng, Africa’s economic woes are self-inflicted due to poor leadership, weak industrialization, and a lack of long-term investment.
He noted that despite having the youngest population on earth, Africa fails to equip its youth with the necessary skills and opportunities to drive economic transformation.
“Africa’s underdevelopment is not an accident; it is self-inflicted. The numbers do not lie. Intra-African trade remains at just 15%, compared to 68% in Europe and 58% in Asia. Over 600 million Africans lack access to reliable electricity, making industrialization nearly impossible,” he stated.
Prof. Boateng also criticized Africa’s heavy reliance on imports for basic consumer goods, using the $600 million spent annually by African women on imported underwear as an example.
He pointed out that even everyday essentials such as socks and clothing are predominantly imported when local industries could easily manufacture them.
The supply chain expert called for a pan-African approach to industrialization, urging African nations to stop behaving like disconnected economies and instead focus on long-term investments, infrastructure development, and trade integration.
“We cannot truly trade if we are not connected. 90% of Africa’s trade is seaborne, yet our ports operate well below international efficiency standards. Only 50% of Africa’s official roads are paved, making transport inefficient and expensive. These are not just problems; they are barriers to economic growth,” he warned.
Prof. Boateng emphasized that Africa contributes only 2% to global manufacturing, despite its vast raw material reserves.
He called for bold leadership that prioritizes industrialization, value addition, and intra-African trade, urging leaders to move beyond “endless talking” to collective action.
Prof. Boateng concluded his speech with a call for African leaders to rise to the challenge, stating that Africa has a choice: to remain comfortable in its relative poverty or to take its place among the world's great economic powers.
“This is a moment of reckoning. If Africa fails to change course, it must accept its brutal reality. The time for action is now," he urged.
With Africa’s vast natural and human resources, Prof. Boateng believes that the continent’s economic transformation is not only possible but inevitable—if leaders and policymakers commit to long-term investment, regional integration, and industrialization.
Story by: Joshua Kwabena Smith
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