Browsing: African economy under AfCFTA

AfCFTA supports women in trade.

AfCFTA is reshaping African markets; deepening economic integration in accordance with the Pan African Vision of ‘An integrated, Prosperous and Peaceful Africa,’ as enshrined in Agenda 2063. The agreement established a single continental market for goods and services, making for the largest and most ambitious trade bloc in the world, after the WTO. This has created a new market of 1.3 billion consumers across Africa, accounting for a combined GDP in excess of US$3.4 trillion in 55 countries.  

According to the World Bank, AfCFTA has the potential to eradicate extreme poverty in the lives of 30 million Africans, and boost the incomes of 68 million of them, that live below the poverty line. Moreover, in the long term the continent is set to immensely reap more benefits out of the Agreement such as the diversification of Intra African trade, elimination of barriers and tariffs, job creation, increase in wages for unskilled workers, export diversification, an enlarged regional market that better attracts FDI and durable sustained economic growth. 

Despite its implementation being slowed down by the C-19 pandemic, AfCFTA is still a beacon of hope for the continent, projected to be an engine of growth in the continent for years to come. The Secretary-General of AfCFTA, Wamkele Mene, notes that despite the pandemic shocks, the conti