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Wednesday, October 5, 2022

Leverage crises to improve fortunes of continent – Ofosu-Dorte – Citi Business News

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Senior partner at AB and David law firm, David Ofosu-Dorte is admonishing African governments and businesses to leverage crises to improve the fortunes of the continent.

According to him, this will make the continent more resilient and self-sufficient.

Speaking at the Citi TV and ISSER’s Cedi Summit in Accra, David Ofosu-Dorte, noted that every crisis creates an opportunity to grow and develop, thus the need for African governments and businesses to take advantage of it.

“Crises come in several forms, so let’s look at the recent one we had, like COVID-19. The point about getting out of a crisis is very simple. First, you maintain the status quo just to make sure you don’t get worse off. Secondly, do everything to prevent deterioration. Every African country can measure with their own yardstick.”

“The third point says plan for recovery. Last but not the least, take advantage of the new opening because every crisis creates an opportunity. For Rwanda and Ghana at least, they have just announced the manufacture of a vaccine manufacturing plant, which is one of the advantages of crisis. I don’t think we have taken advantage of the relocation of supply chains. For instance, in Ghana, there is a major supply chain corridor because we are located in the centre of the world,” he said.

The twin crises of the lingering COVID-19 pandemic and the impact of the Russia–Ukraine war have reset the way many live, work, and do business and created an opportunity for African economies to build resilient and inclusive food systems in Africa.

The Cedi Summit was organised by Citi TV in partnership with the Institute of Statistical, Social and Economic Research (ISSER) and ABSA Bank Ghana as part of this 2022 Citi Business Festival.

Keynote speakers at the summit were the Director of the Institute for Statistical, Social and Economic Research (ISSER) at the University of Ghana; Prof. Peter Quartey, the Head of FICC Research and Chief Economist at ABSA; Jeff Gable and David Ofosu-Dorte; a Senior Partner at AB & David.

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