Is Africa still stretching on the sidelines, or is the continent finally out of the starting blocks in the race to shape the global economy? Many hope the African Continental Free Trade Agreement has fired the starter’s gun, but sceptics say this ambitious trade pact may mark more false hope, perpetuating a decades-old replay of Groundhog Day.
If this is to be the case, the AfCFTA will have to be a game-changer for the continent. To date, political buy-in has been high, with the agreement having been ratified by 42 countries, and there is a solid economic case for what so far has been a legally sound project. One of the biggest hurdles for Africa is the restricted access to finance. According to Andrew Mold of the UN Economic Commission for Africa, who was also an invited panellist at the DAC webinar, banks are a major block here. Interest rates are high, meaning borrowing is costly and exclusive to a higher-income base. This is out of touch with the majority of Africans and starves entrepreneurial green shoots from the sunshine needed to grow.
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