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The AfCFTA is the most ambitious trade zone on the planet, but after a year of trading, is it living up to its enormous potential?

705 President Nana Addo Dankwa Akufo-Addo has welcomed the decision of the African Export-Import Bank (Afrexim Bank) to pilot the Pan African Payment and Settlement System (PAPSS) in the West Africa Monetary Zone. He explained that West Africa had been grappling with the single currency for nearly three decades, and apart from studies and different decisions by various authorities of ECOWAS, it had not made the progress it should have, and said the move would help a great deal. President Akufo-Addo stated this when the Secretary General of the African Continental Free Trade Area (AfCFTA) Secr...

Dec 21, 2020 The last two years haven’t told a good story for African trade, according to Afreximbank’s annual African Trade Report (ATR). This year’s report examined trade and economic developments in Africa in 2019, a year dominated by trade wars and escalating tariffs that resulted in a sharp deceleration of global trade growth. This has been compounded by Covid-19, and as a result, following a fall of 2,8% last year, global trade is expected to shrink by 9,2% in 2020. The ATR conducted an extensive study of informal cross-border trade (ICBT), the first attempt at measuring in a deta...

Global trade expected to contract by 9.2% this year, having fallen by 2.9% in 2019; Africa’s share of global trade was 2.7% in 2019, below the 4% figure of the 1970s; informal cross-border trade which is a key component of intra-African trade is wide-spread in its composition; the African Trade Report estimates that in Eastern African ICBT is very high and could be worth as much as 80% of value of formal trade in some countries; South Africa was the biggest contributor to Intra-African trade, accounting for 23% of total trade, in 2019. The biggest jump came from DRC which became the second...

Intra-Africa trade key to cushioning the blow of trade tensions and external shocks,says Afreximbank 16th Dec 2020    |    Source: APO Prof. Benedict Oramah, President of Afreximbank Africa’s share of global trade was 2.7% in 2019, below the 4% figure of the 1970s Global trade expected to contract by 9.2% this year, having fallen by 2.9% in 2019; Africa’s share of global trade was 2.7% in 2019, below the 4% figure of the 1970s; informal cross-border trade which is a key component of intra-African trade is wide-spread in its composition; the African Trade Report estimates that in Ea...