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Africa: Let’s Encourage Free Trade, Movement in Africa!
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Transport and logistics infrastructure are an integral component in the implementation of the AfCFTA ideals.
It not only provides access to consumer markets, connects raw materials to beneficiary markets, promotes regional integration, but also improves connectivity to the global economy.
It is always sad to come to the reality that African nations are still creating barriers, thus shutting their doors to development. Europe and other advanced nations were able to first deal with investment and free trade zones in their respective nations.
It is just rather unfortunate that travelling to some African nations is even more difficult than travelling outside the continent. This is not only discouraging investment, but also leaves much to be desired.
This doesn’t only promote free trade but also boost economies and strengthen bonds among nations. The more we trade among ourselves, the more we promote investment, development and above all, ?
It was reported in the Tuesday edition of The Point,that the minister of Trade, Industry, Regional Integration and Employment Mr Babubacar Ousmaila Joof, has observed that for the African Continental Free Trade Area (AfCFTA) to work for the continent, the issue of transportation and logistics must be addressed.
Mr Joof said this at the just concluded second Africa Prosperity Dialogue held in Ghana, where he represented His Excellency President Adama Barrow. The forum was held from 25th to 27th January 2024. This is not only a wise observation, but the fact of the matter. We cannot just talk about free trade when there exist barriers to free movement of goods and services along our borders. African countries need to break that barrier and remove all trade barriers, as it is not only hindering development, but costing citizens a great deal.
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As he rightly put it, addressing the above factors would reduce trade cost and make the continent even more attractive to trade and investors.
There is this urgent need for businesses and governments to work together, and that policies need to be crafted and harmonised in consultation with business leaders and organisations. The existence of trade barriers, on the other hand, has a direct bearing on a country’s ability to deal with trade (imports and exports), the development of distribution routes, frequency of shipments, and the cost of freight handling, storage, distribution and related services.
What is even said is the fact that with this AfCFTA regime in place, African countries stand a better chance to reap its benefits. That is to say, it presents an opportunity to attract investments in key areas for Africa’s transformation, boosting production, processing, and trade, with a continental market of 1.3 billion people and a combined GDP of $3.4 trillion.
But how many countries really benefit from this opportunity created thus far. It is high time we reason and work towards the development of our citizens. From manufacturing, agriculture, education and other industries, just to name, are mostly under-utilised to the benefit of the citizenry. With free trade zones, it will promote new markets and stimulate production through the development of regional value chains.
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