African countries will have to postpone the implementation of the African Continental Free Trade Area (AfCFTA) due to the current coronavirus pandemic. The announcement was made yesterday April 28 by Wamkele Mene (pictured), the Secretary-General of the Single Market.
While the implementation of the zone was already threatened by certain protectionist tendencies observed on the continent (in Nigeria in particular), the new health crisis should slow down its operationalization. Since the beginning of the pandemic, 52 African countries have reported active cases on their territory, and they took restrictive measures to control its propagation.
“It is not possible to start a trade as we planned on 1 July under the current circumstances,” Mene said in a statement relayed by Reuters.
While the official did not provide any details on the new date for the implementation of the single market, he said that “the political will remains to integrate the African market and implement the agreement as planned. The AfCFTA, which brings together all African countries, aims to create the new largest free trade area with a combined GDP of more than $3.4 trillion and 1.3 billion potential consumers.
For the secretary-general, the implementation of the market could moreover become Africa's main recovery plan once the covid-19 pandemic is over.
As a reminder, according to the latest assessment of the African Union dated 28 April 2020, the disease has affected 33,566 people, causing 1,469 deaths while 10,152 people have recovered.
Moutiou Adjibi Nourou
EIB commits over €1 billion for renewable energy in sub-Saharan Africa Funding supports Miss...
MTN Zambia tests Starlink satellite service connecting phones directly from space Direct-to...
Since its 2019 IPO, Airtel Africa paid Deloitte over $37 million in audit and non-audit fees,...
Nigeria introduced a 1% flat tax on the turnover of informal-sector businesses under a new presump...
Ethio Telecom has signed a new agreement with Ericsson to expand and modernize its telecom netwo...
Ethio Telecomis exploring financing support from Italy’s development bank Cassa Depositi e Prestiti (CDP) for digital infrastructure projects. The...
Portuguese glass-packaging group BA Glass seeks approval to acquire a 41.28% controlling stake in Tunisia’s Sotuver. The transaction values the block...
Shareholders rejected a A$170 million equity placementinvolving Afriland Bourse & Investissement and Eagle Eye Asset Holdings. Canyon Resources...
Proparco commits $15 millionto the African Transition Acceleration Fund (ATAF), a vehicle targeting early-stage climate infrastructure in...
Actress Wunmi Mosakuand director Kaouther Ben Haniarepresent Africa among contenders at the 2026 Oscars. Mosaku received a nomination for Best...
With much of Africa’s cultural heritage still held outside the continent and restitutions in Europe moving slowly, a South African video game imagines...