African countries have been called upon to leverage the African Continental Free Trade Area (AfCFTA), to strengthen and expand its market accessibility for economic growth.
The AfCFTA, the largest free trade area globally, seeks to establish a unified continental market for goods, services, and investments across 54 countries, it allows intra-African trade which drives industrialization, creates jobs, and positions Africa as a major player in the global economy.
This call to action was made during a high-level hybrid dialogue hosted by the African Development Bank at the 2024 African Economic Conference in Gaborone, Botswana on 24 November 2024.
In a statement shared with The High Street Journal in Accra, Mr Jaswinder Bedi, Chief Executive Officer (CEO) of Bedi Investments, Speaking at the event highlighted the importance of the AfCFTA in creating a borderless Africa and urged value addition to maximize market potential.
He said globalization has peaked, hence the next mantra is regionalization, localization, and Africans trading with Africans for massive trade deals.
Dr. Nevine Nakhla, CEO of Egypt’s El Gondy AfCFTA Trading Company, pointed to Africa’s youthful population and digital innovation as drivers of transformation, emphasizing regional value chains and export diversification, and called the AfCFTA a gateway to empower SMEs, women, and youth for sustainable development.
However, Mr. Dhunraj Kassee, Director of Industrial Development and Trade at the Southern African Development Community (SADC), stressed the importance of collaboration between governments, regional organizations, the AfCFTA Secretariat, and Regional Economic Communities (RECs), saying that, such partnerships could unlock the full potential of AfCFTA, driving industrialization, job creation, and inclusive growth across Africa.
He said AfCFTA presents a significant opportunity and a powerful catalyst for the Southern African Development Community (SADC) by creating a broader market for industrialization and developing value chains in priority sectors such as agro-processing, mineral beneficiation, pharmaceuticals, consumer goods, capital goods, and services.
Nonetheless, Mr Gilberto Antonio, Senior Advisor to the Secretary-General at the AfCFTA Secretariat, stated that AfCFTA is a tool for the economic transformation of the continent, impacting areas like poverty reduction and women’s empowerment.
He said tools have been created to facilitate SME participation and ensure better sharing of the benefits of implementation between and within countries, adding that, “the legal framework to boost intra-African trade is in place and the priority now is its implementation”.
Also, the Group Vice President – Customer Service Experience of Ethiopian Airlines, Mr. Samson Arega, shared that Ethiopian Airlines, through strategic partnerships with Asky Airlines, Zambia Airways, and Malawi Airlines, demonstrated how collaboration in aviation strengthens connectivity, boosts trade, and fosters regional economic integration under AfCFTA.
He noted that Ethiopian Airlines connects 66 African destinations, bridging markets and enabling seamless trade and mobility which is a testament to the power of collaboration in driving economic resilience and integration.
In addition, the Chief of Programmes at TradeMark Africa, Ms. Allen Asiimwe who participated virtually, emphasized that Africa has put in place appropriate policies for intra-African trade, therefore, states must partner to open up boundaries and remove non-tariff barriers hindering market access to enable seamless trade across the continent.
During her remarks, the Director of Regional Integration Coordination at the African Development Bank, Dr. Joy Kategekwa, stated that the Bank’s Ten-Year Strategy is built on hope, optimism, and the idea that Africa can make a difference, with the Bank playing a pivotal role in achieving this vision.
She emphasized that Africa’s success largely depends on integration, with AfCFTA as the core lever, adding that, the Bank’s five critical priorities include enabling the free movement of people, opening markets, building productive capacity, investing in infrastructure integration, unlocking financial integration, and creating opportunities for women.
The statement said the conference reaffirmed AfCFTA’s central role in transforming Africa’s economic landscape and strengthening its resilience in an increasingly volatile global economy.
