James Duddridge, the U.K. minister for Africa, recently visited Ghana and addressed the country with a speech on how to build the economy and bring it out of poverty.
“The British government believes that it is the private sector that will grow Africa out of poverty,” Duddridge said. “Because profitable businesses pay taxes and employ people who pay taxes. Which allows governments to invest in health, in education and in infrastructure. And it means less unemployment. Moreover, a broad tax base increases government accountability. The positive effects of a thriving economy are felt throughout society.”
Duddridge believes that while the economic outlook on the continent might be negative in the short term, the medium to long-term outlook is promising and that African markets are the markets of tomorrow.
“By 2019, rising consumer demand from the emerging African middle class could present additional demand of almost ($1.01 billion),” Duddridge said. “Looking further ahead, this consumer market is only set to grow as Africa’s population doubles to 2.5 billion people by 2050.”
Duddridge spoke at length about how the partnership between the two countries has the potential to unlock sustainable and inclusive economic growth and development in Ghana.