Tag: AfCFTA

An Examination of the African Continental Free Trade Agreement: Has the Promise Been Fulfilled or Is It a Bust?

The African Continental Free Trade Area (AfCFTA), a monumental agreement, was designed with the aspiration of establishing the world’s largest free trade area. This ambitious initiative was intended to bring together 1.3 billion people across 55 countries, creating a combined GDP of US$3.4 trillion. The vision of AfCFTA was painted as a future where seamless trade across the continent would be a reality. The dream was that purchasing professional work clothes from Rwanda or a book from Nigeria would be as simple as a few clicks, without the burden of exorbitant shipping costs. However, the question that arises is whether this promise has been fulfilled or if the AfCFTA is a bust.

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Pan-African Payments and Settlement System- The basics, what you need to know

for AfCFTA to be effective, the cost of money transfers across the continent must be lowered. The African Union supported by theĀ  African Export Import Bank- AfriExim ,(Bank was established in Abuja, Nigeria in October, 1993 by African Governments, African private and institutional investors as well as non-African financial institutions and private investors for the purpose of financing, promoting and expanding intra-African and extra-African trade.) The bank has collaborated on the development of a Pan-African Payments and Settlement System -PAPSS a centralized payment system that will provide the infrastructure for intra Africa trade.

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