Vice President John Dramani Mahama has articulated the relevance for Africa to create functioning sub-regional markets as a buffer to the international trade arrangements that are not in the continent's best interest.
He said Africa must devise and strengthen sub-regional trade systems to cushion the devastating effects of global financial turmoil, which tend to dislocate the already precarious economic situation of the Region.
Addressing former African Heads of State attending the Club of Madrid Africa Progress Panel in Accra on Tuesday, Vice President Mahama said unless there was a groundswell drive for a stronger economic integration at both continental and sub-regional levels, Africa would remain prone to the vagaries of international financial arrangements.
The Club of Madrid is the largest forum of democratically elected former Heads of State and Government dedicated to the strengthening of
democratic values around the world.
It has 70 former world leaders including Mr John Agyekum Kufour of Ghana, Mr Benjamin Mkapa of Tanzania and Mr Olusegun Obasanjo of Nigeria,
who are participating in the roundtable.
The former Prime Minister of Jamaica, Mr Perceival James is also attending.
The Accra meeting would discuss the political ramifications of the
economic crisis on African economies.
Vice President Mahama expressed concern that although Africa did not directly contribute to the factors responsible for the crisis such as the
sub-prime predicament, nonetheless, it was reeling from its effects, leading to severe dislocations of the economies of most African states.
He said in the case of Ghana, some 70 million dollars in terms of remittances had been lost while some donor nations had scraped or reviewed critical development projects.
Vice President Mahama cited the United Kingdom which had scraped almost two million dollars of assistance and exchange programmes to the Ghana Armed Forces.
He said the collapse of the Euro- American investment market must offer Africa a good opportunity to engage the world on realistic basis, not on the basis of tokenism.
"This is the time to break down the barrier by engaging Africa on realistic basis, not on the basis of token".
Mr Mkapa, said the forum was a model instrument for collating ideas that could help shape Africa's future in conflict prevention, climate change and economic prosperity.
He asked serving African leaders to appreciate the sincerity of the ideas being offered and not see them as criticism.
Mr Paati Ofosu-Amaah, Special Adviser to the President of African Development Bank pleaded with the leaders to articulate Africa's case to the world.