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Eliminating Trade Barriers: A Key to AfCFTA's Success

2024-11-09 18:54:18.507000

On October 28, 2024, Professor Douglas Boateng, the Board Chairman of the Minerals Income Investment Fund (MIIF), delivered a compelling message at the Boardroom Summit regarding the urgent need for decisive action to secure Africa's economic future. He pointed out that Africa's collective GDP stands at US$2.6 trillion, which pales in comparison to other global powers such as China (US$17.5 trillion), the US (US$25 trillion), and India (US$4 trillion) [f1979702].

Boateng advocated for the establishment of a United States of Africa to promote regional integration and economic growth. He emphasized the critical role of the African Continental Free Trade Area (AfCFTA) in dismantling protectionist barriers that hinder trade and economic cooperation among African nations [f1979702].

In a related development, Ethiopia's Minister of Trade and Integration, Kassahun Gofe, echoed these sentiments during the 15th Council of Ministers Meeting on November 9, 2024, in Addis Ababa. He emphasized the necessity of eliminating trade barriers and harmonizing regulations to ensure equitable benefits from the AfCFTA. Gofe highlighted the AfCFTA as a pivotal initiative for economic integration and establishing a single market for goods and services [f30a5b17].

Secretary-General Wamkele Mene, who also attended the meeting, noted the significance of convening in Ethiopia for the first time since the AfCFTA's establishment. He praised Ethiopia's economic reforms and infrastructure development under Prime Minister Abiy Ahmed, linking these efforts to the broader objectives of the AfCFTA [f30a5b17].

Boateng's call for immediate and concerted efforts aligns with these discussions, emphasizing the importance of investing in education and infrastructure while committing to sustainable development practices. He warned that without such actions, Africa risks falling further behind in the global economic landscape [f1979702].

This collective push for reform and integration reflects a broader trend of recovery and reform across the continent, as nations like Ghana strive to stabilize their economies through initiatives like the US$3 billion IMF program. The insights from leaders like Boateng and Gofe underscore the importance of collective action and strategic planning for Africa's future [7fb7c1c9].

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