African trade: Full implementation of AfCTA'll industrializes Africa, says Cameroun's PM

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Cameroon's Prime Minister, Dr. Joseph Ngute, said that the African Continental Free Trade Area Agreement (AfCFTA) would drive industrialization, economic diversification and development on the continent.

This is the third session of the Specialized Technical Committee of the African Union (AU) on Finance, Monetary Affairs, Economic Planning and Integration on Thursday in Yaounde.

The meeting, which was organized in collaboration with the African Capacity Building Foundation, had its theme, "Public Policies for Productive Transformation in Africa".

He urged African governments at the forum to focus on how to operationalize the AfCFTA agreement adopted in March 2018 in Kigali in a manner that would benefit   average Africans.

"We need to step up our game. We need to undertake bold programs and projects to ensure the development of our continent and dependence on other continents.

"There is no alternative to this equation if we really want to succeed. Merging our economies is the only solution. That's the only way we can develop intra-African trade, which is still very low at 12 percent compared to 55 percent in Asia and 65 percent in Europe, "he said.

Also, speaking, the Chairperson, African Union Commission (AUC), Mr. Moussa Mahamat, said that establishing African Financial Institutions would help the growth and diversification of the continent   savings.

Mahamat, who was represented by the AU Commissioner of Economic Affairs, Prof. Victor Harrison, African Central Bank, African Monetary Fund, African Investment Bank and Pan-African Stock Exchange.

He said that these financial institutions are important for the success of the AfCFTA and to ensure productive transformation on the continent.

"The African Union (AU) Financial Institutions' project is one of the vehicles that will drive the continent's financial sector with a view to facilitating its productive transformation and development.

"Evidences suggest that efficient financial market plays a role in economic growth and productivity growth by providing firms with better pricing," he said. The AU Assembly in January 2005, which held in Abuja, outlined decisions for the establishment of African financial institutions to improve intra-African trade.

The African Central Bank should be located in the Western Region, the African Investment Bank in the Northern Region, and the African Monetary Fund in the Central Region.

Following this decision, the Northern Region decided that the African Investment Bank should be located in Libya while the Central Region is designated as the African Monetary Fund. Also, the Western Region is designated as the country of the African Central Bank.

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