The flagbearer of the National Democratic Congress (NDC), John Dramani Mahama, has highlighted the critical challenges facing entrepreneurship on the African continent, pointing to the lack of robust credit reporting systems, limited access to long-term capital, and high interest rates as major barriers to business growth.
Speaking as the keynote speaker at the 2024 Nigerian Bar Association Annual General Conference on Monday, August 26, 2024, Mahama emphasised that these issues are particularly detrimental to the informal sector, which makes up a significant portion of many African economies.
“The informal sector which accounts for a substantial portion of our economy falls outside the former legal and regulatory framework. It also deprives the government of the much-needed tax revenue and workers of essential legal protection. It goes without saying the system remains undeveloped and is often inaccessible.
“The lack of robust credit reporting systems, limited access to long-term capital and high interest rates stifle entrepreneurship. As legal professionals you have a crucial role to play in addressing these structural challenges,” he stated.
Mahama further urged legal professionals to take an active role in addressing these structural challenges.
He also linked these structural issues to the broader vision of African economic integration, as embodied by the African Continental Free Trade Area (AfCFTA).
“It is not merely an economic agreement, it is the embodiment of the pan-African vision championed by leaders like Dr Kwame Nkrumah. The African Continental Free Trade Area, reflect this spirit, ushering in a new era of economic integration and opportunities that transcends the arbitrary borders imposed by colonial ruling.
