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
Mediterrania Capital bought Australian Amcor's Moroccan packaging unit Enko Capital took ov...
Enko Capital acquires Servair’s fast-food unit in Côte d’Ivoire, including the Burger King franchi...
Standard Chartered arranges $2.33 billion for Tanzania railway project Funding support...
Central bank to release $1 billion in cash to curb black market demand Move aims to ease inf...
From eastern Chad, where measles and meningitis are spreading through overcrowded refugee camps, to ...
Project targets up to 1 million tons of output using solar and wind Initial investment estimated at $5 billion, with expansion potential Plan...
Ghana rolls out Publican AI at Tema Port, with early revenue rising from GH₵2.4bn to GH₵3.6bn after deployment System flags undervaluation and fraud...
Rice is deeply rooted in diets but demand now far outpaces local supply Production has increased across the region, yet value chains remain...
Government launches plans to improve data use and public services Strategy aims to support responsible use of artificial intelligence Move...
UK museum to return 45 Botswana artifacts after 150 years Items collected in 1890s; restitution follows Botswana request Return tied to...
The history of Kerma stretches back several millennia. Located in what is now northern Sudan, the site was inhabited as early as prehistoric times....