Afrigather Through the 2023 Regional Integration Points Discussion board held in Accra, Ghana, Silver Ojakol, the Chief of Employees of the AfCFTA Secretariat, highlighted the prospect of intra-African commerce inside the Africa Continental Free Commerce Space (AfCFTA) surpassing $70 billion, thus outstripping the extent of growth help.
How RIFF strengthens SMEs for intra-African commerce
The RIIF capabilities as a platform the place stakeholders concerned in regional integration and continental commerce initiatives come collectively to lift consciousness of the benefits supplied by AfCFTA, with a particular deal with Small and Medium Enterprises (SMEs).
The target of the 2023 RIIF was to strengthen the capability of SMEs for intra-African commerce. In an announcement issued in Abuja, AfCFTA emphasised that substantial income might be achieved via collaboration amongst SMEs and their adoption of AfCFTA ideas to beat commerce obstacles.
Ojakol, representing AfCFTA Secretary Normal Wamkele Mene, underscored the importance of the settlement for Small and Medium Enterprises (SMEs), highlighting its particular design to deal with the on a regular basis hurdles encountered by these engaged within the commerce of products and providers throughout African borders.
He stated, “If African international locations unite and obtain even a one % enhance in commerce amongst themselves, we might generate $70 billion, surpassing the $58 billion supplied by donors as growth help.”
Significance of SMEs in intra-African commerce
Moreover, Lehlohonolo Tlou, the Govt Director of the Centre for Regional Integration in Africa, emphasised the significance of offering Small and Medium Enterprises (SMEs) with the mandatory expertise and information to surmount obstacles in intra-African commerce and manufacture important merchandise.
Tlou highlighted the disheartening undeniable fact that regardless of 60 years because the institution of the Group of African Unity and the African Union, intra-African commerce nonetheless stands at a mere 16 %, underscoring the necessity for substantial enchancment.
He added, “Africa nonetheless produces what it doesn’t eat and consumes what it doesn’t produce.”
The 2023 RIIF convention performed an important function in selling consciousness of the advantages of AfCFTA, enabling SMEs to entry regional markets or the intra-African commerce and motivating them to contemplate collaboration for the creation of regional worth chains.
