Experts Urge Practical Action to Boost Intra-African Trade Under AfCFTA
The African continent is at a critical juncture. Experts are pushing for a shift from mere policy pronouncements to concrete actions to fully realize the promise of the African Continental Free Trade Area (AfCFTA). The need for practical steps was the central theme of a recent high-level discussion hosted by the Stellenbosch Business School Alumni Association Ghana Chapter in Accra.
Bridging the Gap: Priorities for Action
The panel, which convened experts from diverse sectors including academia, finance, industry, and technology, emphasized the need for tangible solutions to enhance intra-African trade and investment. Key areas for immediate attention include infrastructure development, fostering digital readiness, harmonizing legal frameworks, and fostering a shift in mindset. Launched in 2021, the AfCFTA seeks to establish a single market encompassing over 1.3 billion people with a combined GDP of US$3.4 trillion. Despite this significant potential, intra-African trade currently stands at approximately 15 percent, considerably lower than the 60-70 percent observed in other regions, highlighting the urgency of the situation. Addressing digital readiness is particularly crucial, as African tech startups and businesses can leverage technology to facilitate cross-border transactions, streamline logistics, and connect with new markets.
Keywords
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