AFRICAN finance ministers and central bank governors have outlined a four-point strategy to enhance intra-African trade and stimulate economic growth.
The plan agreed upon at the 2024 African Caucus Meeting in Abuja, focuses on strengthening payment systems, improving energy access, leveraging partnerships with banks, and reforming the global financial architecture.
The meeting, held amidst a challenging global economic climate, stressed the need to increase intra-African trade as a catalyst for job creation and investment. While acknowledging Africa’s economic resilience, the leaders emphasized the continent’s low share of global trade, currently at 14.4 percent.
To address this, the caucus called for concerted efforts to dismantle trade barriers, including tariffs, fragmented payment systems, and inadequate infrastructure. They also highlighted the importance of the African Continental Free Trade Area (AfCFTA) in promoting trade among African nations.
The leaders appealed to the International Monetary Fund (IMF) and World Bank Group for balanced and consistent support, particularly in light of the global economic slowdown and its impact on African countries.
They also reiterated the call for increased funding to address challenges such as climate change, food insecurity, and energy deficits.
The meeting’s outcome is seen as a significant step towards unlocking Africa’s economic potential and fostering greater integration within the continent.
