Vice President Dr. Mahamudu Bawumia has underscored the need for African leaders and businesses to invest in crucial infrastructure to facilitate trade under the African Continental Free Trade Area, (AfCFTA).
Dr. Bawumia believes the move would help ensure continued productivity and sustainable economic growth on the continent.
He made these remarks while addressing participants at the maiden edition of the Africa Prosperity Dialogues dubbed “Kwahu Summit” 2023.
Ghana’s Vice President urged African governments to implement concrete actions to ensure that Africa achieves the needed industrialization on the continent.
“Like the vision of our forebears, AfCFTA has set the stage for Africa’s industrialisation drive. But it will take concrete, strategic actions by governments and businesses on the continent, the right mix of policies, and a greater sense of purpose for more intra-Africa trade to happen to support economic diversification and the much-needed industrialisation on the continent.”
The African Continental Free Trade Area (AfCFTA) is the world’s largest free trade area bringing together the 55 countries of the African Union (AU) and eight (8) Regional Economic Communities (RECs) to create a single market for the continent. The aim is to enable the free flow of goods and services across the continent and boost the trading position of Africa in the global market.
It is estimated that the AfCFTA has the potential both to boost intra-Africa trade by 52.3 percent by eliminating import duties and to double this trade if non-tariff barriers are also reduced.
The AfCFTA is expected to expand the size of Africa’s economy to US$29 trillion by 2050.