• EDITORIAL POLICY
  • ABOUT US
PML Daily
No Result
View All Result
  • Home
  • NEWS
    • Politics
    • Education
    • Regional
    • Africa
    • World
  • INVESTIGATIONS
    • National Archives
    • Special Reports
  • OpEd
  • BUSINESS
    • Agriculture
    • Tech
    • Finance
  • FEATURES
    • Health
    • Tours & Travel
    • Entertainment
    • Society
  • COLUMNISTS
    • The Suited Penguin
  • SPORT
  • Jobs
  • Magazines
  • Home
  • NEWS
    • Politics
    • Education
    • Regional
    • Africa
    • World
  • INVESTIGATIONS
    • National Archives
    • Special Reports
  • OpEd
  • BUSINESS
    • Agriculture
    • Tech
    • Finance
  • FEATURES
    • Health
    • Tours & Travel
    • Entertainment
    • Society
  • COLUMNISTS
    • The Suited Penguin
  • SPORT
  • Jobs
  • Magazines
No Result
View All Result
PML Daily
No Result
View All Result
Home BUSINESS

AfCFTA helps Africa better confront economic development challenges – Official

XINHUA NEWS AGENCY | PML Daily Content PartnerbyXINHUA NEWS AGENCY | PML Daily Content Partner
August 18, 2020
5 0
4
SHARES
74
VIEWS
FacebookWhatsAppTwitter
Secretary general of the AfCFTA secretariat Wamkele Mene (PHOTO/File).

ACCRA — The African Continental Free Trade Area (AfCFTA) agreement enables the continent to better meet its trade and economic development challenges, secretariat chief for the AfCFTA has said.

Speaking on Monday during the transfer of the secretariat building from the Ghanaian government to the African Union (AU), secretary general of the AfCFTA secretariat Wamkele Mene said Africa remained trapped in a colonial economic model with numerous challenges.He said the fragmentation of African national economies into small pieces and the over-reliance on the export of primary commodities, among others, were some of the challenges to intra-African trade and the continent’s economic development. “Africa continues to be trapped in a colonial economic model, which requires that we aggressively implement the AfCFTA as one of the tools for effecting a fundamental structural transformation of Africa’s economy,” Mene said. “We have to take action now.”

The implementation phase of the AfCFTA coincides with the year of Silencing the Guns, an initiative of the AU, providing an opportunity to focus on fast-tracking Africa’s economic development objectives, he said. Ghanaian Minister of Trade and Industry Alan Kyerematen estimated that the operationalization of the AfCFTA would address challenges of small fragmented markets in Africa by creating a single market to create economies of scale. “Africa will improve its terms of trade with the rest of the world by earning higher values for its exports through value addition,” Kyerematen said.

Related

Leave a comment

Tags: top

Get real time update about this post categories directly on your device, subscribe now.

Unsubscribe

Advertisement

About

The PML Daily, published via www.pmldaily.com is a publication of Post Media Ltd, a professional Digital/New Media company in Uganda.

Follow us



  • EDITORIAL POLICY
  • ABOUT US

© 2022

No Result
View All Result
  • Home
  • NEWS
    • Politics
    • Education
    • Regional
    • Africa
    • World
  • INVESTIGATIONS
    • National Archives
    • Special Reports
  • OpEd
  • BUSINESS
    • Agriculture
    • Tech
    • Finance
  • FEATURES
    • Health
    • Tours & Travel
    • Entertainment
    • Society
  • COLUMNISTS
    • The Suited Penguin
  • SPORT
  • Jobs
  • Magazines

© 2022

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist