By Mavis Paintsil, Accra
Five years after the launch of the African continental free Trade Area (AFCFTA), stakeholders from across the continent gathered at the AFCFTA secretariat to assess progress, discuss emerging challenges, and chart a way forward.
The Africa stands at a critical economic crossroads, the success of AFCFTA depends on collective action, political commitment and financial investment.
Despite the challenges, AFCFTA remains Africa’s best chance to reshape it’s economic destiny.
Since it’s launch in 2020, AFCFTA has made strides in removing trade barriers, fostering economic integration, and promoting industrialization.
Kenyan Firm purchasing goods from Ghana must first convert it’s local currency to US dollars, then back to Ghanaian cedis, incurring addition at fees and delays.
The Former Prime Minister of Ethiopia and the Africa Board chair, H.E Hailemaria in Desalegn Boshe, who delivered lecture on the theme “AFCFTA as a catalyst for Agenda 2063: seizing opportunities in a changing World.
According to Desalegn Boshe, the agreement is the most advanced implementation under Agenda 2063, Africa’s long-term blueprint for economic transformation.
The potential is enormous: a unified, self sustaining African market could lift millions out of poverty, create millions out of poverty, create millions of jobs and position Africa as a major player in the global economy.
The Africa stands at a critical economic crossroads, the success of AFCFTA depends on collective action, political commitment, and financial investment.
For the nest five years, Desalegn Boshe also outlined key priorities that must be addressed.
While these systems mark significant progress, more needs to be done to expand their reach and adoption across the continent.
Desalegn Boshe hailed AFCFTA as one of the most significant milest ones in Africa’s economic history, emphasizing that it carries the hopes of 1.2 billion people uniting under a single market with a combined GDP of $3 trillion.
However, while AFCFTA has achieved notable progress in boosting intra African trade, he warned that structural challenges must be tackled urgently to ensure the initiative reaches it’s full potential.
Regional Payment Systems
To overcome financial barriers, Africa is pushing for stronger regional payment systems.Several initiatives have already been launches to simplify cross-border transactions and enable businesses to trade directly in local currencies.
ghanaianannouncer
send invite to aba.mavis@gmail.com or call 0505913033, 0207697495
Church activities, wedding, graduation and funeral, call 0505913033 or 0207697495
