Africa must forge path to self-sufficiency, says Finance Minister Godongwana
Finance Minister Enoch Godongwana has urged African nations to pursue self-sufficiency as a shield against global geopolitical instability.
Speaking at a regional economic forum, Godongwana emphasized the need for innovative strategies to reduce reliance on volatile external markets.
“Africa cannot continue to be at the mercy of global disruptions,” he said, pointing to trade wars, supply chain fractures, and fluctuating commodity prices as growing threats.
The minister called for accelerated implementation of the African Continental Free Trade Area (AfCFTA) to boost intra-African trade, which currently accounts for just 15% of the continent’s total commerce.
Godongwana highlighted diversification as key, urging investment in manufacturing, technology, and renewable energy. “We have the resources and talent to build resilient economies,” he noted, citing the rise of tech hubs in Nigeria and Kenya as models.
He also stressed food security, with Africa’s $50 billion annual food import bill a stark reminder of vulnerabilities.
Challenges remain, including infrastructure deficits and governance issues, but Godongwana’s remarks echo a broader African Union push for economic independence.