Transportation costs in Africa are 50-175% higher than in other parts of the world due to poor infrastructure. In order to improve intra-continental connectivity, 60,000-100,000km of new roads are needed by 2030. The slow pace of infrastructure development in Africa is impacting its competitiveness and participation in global markets. The inadequate infrastructure has resulted in a 2% annual reduction in national economic growth and up to 40% reduction in industrial productivity.
In an encouraging move towards progress and development, African ministers have recently made a resolute commitment to accelerate infrastructure development in order to bolster Africa's competitiveness and enhance its participation in the global market. Recognizing the pressing need to address the challenges posed by poor infrastructure, these ministers have pledged to embark on an ambitious plan to propel Africa forward.
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