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    • #12105
      The African Monetarist
      Lagos, Nigeria

      The Importance of

      the #AfCFTA, and









      Awake, Africa! On this month, in January 2021, #Africa inaugurated a momentous initiative – The African Continental Free Trade Area (AfCFTA). Spearheading the #AfricanUnion‘s #Agenda2063, a comprehensive plan for achieving inclusive and sustainable development over the next 50 years, #AfCFTA aims to bolster intra-African trade through an extensive and mutually beneficial trade agreement. Encompassing trade in #goods and #services, #investment, intellectual property rights, and competition policy, #AfCFTA aspires to be a catalyst for #continental economic integration.


      The Agreement came into effect on 30th May 2019 for the 24 countries that had deposited their instruments with the African Union Commission (#AUC) Chairperson, the designated depositary for this purpose. The #AfCFTA Secretariat, responsible for various aspects of AfCFTA’s implementation, is headquartered in #Ghana, with Wamkele Mene serving as the inaugural Secretary General since his official appointment on 19th March 2020. The Secretariat was officially handed over in #Accra, #Ghana, on 17th August 2020.


      Trading under the #AfCFTA Agreement commenced on 1st January #2021. As of January #2022, Rules of Origin have been agreed upon for 88.43% of total tariff lines, and the Pan-African Payments and Settlements System (#PAPSS) has been officially launched.


      A significant milestone occurred on 7th October 2022 when the AfCFTA Secretariat unveiled the AfCFTA Guided Trade Initiative in #Accra. This initiative allows for commercially meaningful trade to begin for eight participating countries: #Cameroon, #Egypt, #Ghana, #Kenya, #Mauritius, #Rwanda, #Tanzania, and #Tunisia, representing the five regions of Africa. This pilot initiative aims to assess the operational, institutional, legal, and trade policy environment under AfCFTA.


      As of January #2024, 47 of the 54 signatories (85.2%) have deposited their instruments of #AfCFTA ratification. In #2024, 30 countries are anticipated to commence trading under #AfCFTA, marking significant progress towards the realization of the shared vision encapsulated in #TheAfricaWeWant.


      It is noteworthy that #Somalia awaits parliamentary/cabinet approval, #Eritrea is the only country not to sign the #AfCFTA agreement, and #BurkinaFaso, #Guinea, #Mali, #Niger, and #Gabon are presently suspended from AfCFTA participation. #Africa steadily advances towards the envisioned future encapsulated in #TheAfricaWeWant.



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