Successes and failures from other initiative such as the European Union will be instructive, but much work must be done before the African Continental Trade Area becomes a reality
highlighted that African countries are least integrated because of weak regional networks, poor planning, low levels of financing, and a lack of transparency among African governments. Below are some of the major difficulties that plague the continent and must be overcome to successfully implement the AfCFTA.Propelling the African economy towards the easy and quick facilitation of people and goods will be difficult as a result of underinvestment in infrastructure.
The recent developments in the European Union offer important lessons for Africa as leaders on the continent forge ahead to establish a continent-wide free trade area. Britain’s exit from the EU teaches us that addressing the economic disparities will result in a sustainable trade area regardless of whether the stronger economies pull out.
A longer-term consideration of Africa’s multiple currencies and exchange rate regimes is also crucial. African nations should prioritise addressing exchange rate volatility, liquidity shortages and the inability to repatriate profits — problems that don’t encourage both intra-regional trade and trade with other non-African countries. An important lesson from the EU is that regional integration processes are as much about the citizens as they are about economic growth.
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