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The Africa Continental Free Trade Area (AfCFTA) has projected that intracontinental trading will yield more than $70 billion, surpassing the value of development assistance. Silver Ojakol, Chief of Staff of the AfCFTA Secretariat, made this statement during the 2023 Regional Integration Issues Forum held in Accra, Ghana.
The Regional Integration Issues Forum (RIIF) serves as both a sensitization platform and an interface for stakeholders engaged in regional integration and continental trade initiatives. The 2023 RIIF event focused on increasing awareness of AfCFTA and its advantages for Small and Medium Enterprises (SMEs). It also aimed to enhance the capacity of SMEs to participate in intra-African trade.
In a statement released in Abuja, AfCFTA highlighted that substantial economic gains could be unlocked if SMEs collaborate and embrace the principles of AfCFTA to overcome trade barriers.
Ojakol, representing AfCFTA Secretary General Wamkele Mene, emphasized the significance of AfCFTA for SMEs, emphasizing that the agreement was tailored to benefit everyday entrepreneurs who face challenges when engaging in cross-border trade within the continent.
He stated, “If African countries came together and achieved just one percentage increase in trade amongst itself, we would earn $70 billion, which will be higher than the $58 billion given by donors as development assistance.”
Additionally, Prof. Lehlohonolo Tlou, the Executive Director of the Centre for Regional Integration in Africa, underscored the importance of equipping SMEs with the necessary skills and knowledge to overcome intra-African trade barriers and produce goods according to regional demands.
Tlou pointed out that even after 60 years since the establishment of the Organisation of African Unity and the African Union, intra-African trade remains low at only 16 percent. He emphasized that Africa still produces items it doesn’t consume and consumes products it doesn’t produce. The 2023 RIIF conference aimed to address these challenges by promoting the benefits of AfCFTA, strengthening SMEs’ market access capabilities, and encouraging partnerships for establishing regional value chains.
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