Why Africa can’t afford further delay on AfCFTA -- AFREXIMBANK

on Africa’s economy has shown that the continent can ill-afford a further delay in the implementation of the African Continental Free Trade Agreement , panelists in a web conference on Africa’s economic recovery, post-COVID-19, said on Monday.

He blamed the situation on excessive dependence on commodity export without any effort to build infrastructure to promote intra-regional integration and trade as well as avoid bailouts from outsiders. The priority before the 55 governments in Africa, he said, must be to ensure the AfCFTA, reached almost two year ago by the African Union Heads of Government to facilitate intra-regional integration and trade, was implemented without further delay.

“Africa was waiting to be supplied from outside. But, the supply chains were all disrupted by the crisis. So, AfCFTA is the answer. We must waste no time. Africa must use this opportunity to overcome all the challenges we may have at country levels and collectively as a continent,’ he said. “To get around it, Africa must find a way to no longer depend solely on commodities. We have to build a dynamic economy that is less dependent on commodities, but on the kinds of goods and services not vulnerable to episodic shocks experience in Africa.

“Hunger virus will be more devastating that coronavirus, because if people do not have what to eat, they are likely to begin to go to the streets in protest. If that comes after the COVID 19 pandemic, it will take a very long time for Africa to come out of the crisis,” he warned.The Liberian President, George Weah, spoke of how his government was working to support private sector overcome the crisis in his country.

Mr Coons, who said he championed the extension of the African Growth Opportunity Act introduced by the Obama government.

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