AfCFTA pushes for faster trade integration

The African Continental Free Trade Area (AfCFTA) Secretariat has renewed its call for the scaling up of digital trade infrastructure, expansion of regional value chains and removal of structural barriers that continue to constrain intra-African trade.

Speaking at a farewell lecture held in Accra in honour of Professor Benedict Okey Oramah, President and Chairman of the African Export-Import Bank (Afreximbank), the Secretary-General of AfCFTA, H.E. Wamkele Mene, lauded the strategic partnership between the two institutions.

He said their collaboration had laid the essential groundwork for continental economic integration but stressed that the next phase must focus on accelerated execution.

He highlighted landmark initiatives including the Pan-African Payment and Settlement System (PAPSS), the AfCFTA Adjustment Fund, and the MANSA due diligence platform as tangible outcomes of this partnership.

“These are more than programmes. They express a single vision, a self-reliant Africa that trades with itself, invests in its own potential, and shapes its future with purpose,” Mr Mene stated.

However, he warned that the momentum would not be sustained unless persistent obstacles such as inefficient borders, non-tariff barriers, and weak enforcement of rules of origin were effectively addressed.

 “We must keep borders efficient, reduce non-tariff barriers, and make rules of origin work at the factory and at the border. And we must ensure women, youth, and small businesses are not left out of the AfCFTA market,” Mr Mene cautioned.

For his part, Prof Oramah reflected on Afreximbank’s enduring contribution to continental trade long before the AfCFTA became operational in 2020.

He recalled that the Bank had launched its Intra-African Trade Strategy in 2016, committing USD20 billion to boost cross-border trade by 2022, a target that was successfully exceeded.

“More importantly, we made intra-African trade a bankable proposition,” Prof Oramah affirmed.

He further disclosed that Afreximbank has provided significant financial and technical support to the AfCFTA Secretariat, covering institutional operations, negotiation processes and the implementation of key protocols.

Through the African Trade Facilitation Programme (AFTRAF), the Bank has onboarded more than 500 of Africa’s 600 commercial banks, providing them with letters of credit confirmation lines and trade credit limits amounting to a target of USD8 billion.

So far, over USD5 billion has already been disbursed, directly financing intra-African trade transactions.