The Secretary-General of the African Continental Free Trade Area (AfCFTA), Wamkele Mene, has called for increased intra-African trade to boost the continent’s self-reliance.
Speaking at the 2024 Ghana Economic Forum (GEF), organised by the Business and Financial Times (B&FT), Mene pointed out the shared challenges African nations face, such as global financial pressures, supply chain disruptions, and the lingering effects of COVID-19. These issues have weakened Africa’s economic resilience.
He also pointed out concerns over sovereign debts, inflation, climate risks, and political uncertainties that cloud Africa’s economic outlook.
However, Mene expressed hope that the AfCFTA, if fully implemented, could help overcome these challenges. He stressed that deepening intra-African trade would reduce reliance on global markets. During the COVID-19 pandemic, Africa’s exports dropped by over 35%, underscoring the need for self-sustenance through increased intra-continental trade.
To re-engineer Africa’s economic model, Mene identified three key areas: industrial development, food security, and trade policy reforms.
Regarding industrial development, Mene called for increased production capacity, especially in pharmaceuticals and the automotive sector. He praised efforts to establish vaccine manufacturing in Rwanda, Ghana, Senegal, and South Africa, creating a continental value chain for pharmaceuticals. He also noted the potential of Africa’s automotive sector, which could attract US$45 billion in investments by 2035.
On food security, Mene emphasized the need to reduce reliance on food imports, which totalled over US$50 billion in 2020.
He urged African countries to focus on agricultural development and prioritize intra-continental trade in agricultural products.
For trade policy reforms, Mene highlighted the importance of re-engineering Africa’s trade policies through the AfCFTA. This includes adopting key protocols on trade in goods, competition policy, investment, intellectual property rights, and digital trade to create a unified and competitive African market.
Mene expressed confidence that these measures would enhance Africa’s competitiveness, create jobs, and eliminate trade barriers.
He urged African leaders and stakeholders to continue working towards making the AfCFTA a powerful tool for the continent’s economic transformation.
