Intra Continental Commerce:The Gateway To Africa's Economic Uprise?
Using the current population growth trends,statistics show that by the year 2050,Africa will be home to upwards of 2.5 billion people which will be about 26% of the world's total population. This growth boom presents the continent with a unique opportunity to have access to the world biggest market,right on its footsteps.
Apart from a large array of natural resources,Africa is also home to a quarter of the world's fertile soil. This,theoretically,allows the continent to have enough natural resources and land to not only be able to feed itself but also export to the rest of the world but unfortunately, that is not the case practically.
What has been holding back the continent from being able to harness this huge market has been a lack of unity and common trade goal,something which the recently ratified Continental Free Trade Agreement will hopefully make a thing of the past.
Because of these numerous challenges including poor inter country transportation routes and diplomatic issues,intra African trade accounts for only 15% of the continent's commerce, a figure which could largely be increased if the CFTA could be effected to its maximum potential.
If the mandates of the CFTA should be met,Africa,with its vast natural resources and a booming population,will be having in its hand the very important factors which contribute to the acceleration of not only trade but economic growth in general which is needed to support the continent's booming population.
The growth of Africa's economic should be in control of Africans and the aforementioned factors offer the continent the opportunity to achieve this growth without dependence on foreign investments and economic players. This means that the continent will be able to architect and implement structures which are Africa friendly and are driven by the sole desire to grow the continent's economy.
The 54 African countries which are part of the CFTA current have a combined gross domestic product of more than $3.4 trillion. A trade environment which fosters free competition across each one of the member states will ensure that the continent is able to take advantage of this large market and grow towards the trade liberalization and harmonization which is one of the main mandates of the CFTA agreement.
But all these potential benefits that are prospected to be brought about by the CFTA are only going to be possible if there is good governance in each individual country,something most of the continent's countries have been struggling to achieve for years. Leaders must be made to understand the the aforementioned advantages of intra continental trade which can only be facilitated by them putting the affairs and good of their countries before anything else.
Africa has all the cards needed for the success of the continent's intra continental commerce and leaders should not allow diplomatic squabbles which are rooted in the presence of colonial imposed borders should not be allowed to stand in the way of the country moving forward. #AfricaCAN
Apart from a large array of natural resources,Africa is also home to a quarter of the world's fertile soil. This,theoretically,allows the continent to have enough natural resources and land to not only be able to feed itself but also export to the rest of the world but unfortunately, that is not the case practically.
What has been holding back the continent from being able to harness this huge market has been a lack of unity and common trade goal,something which the recently ratified Continental Free Trade Agreement will hopefully make a thing of the past.
Because of these numerous challenges including poor inter country transportation routes and diplomatic issues,intra African trade accounts for only 15% of the continent's commerce, a figure which could largely be increased if the CFTA could be effected to its maximum potential.
If the mandates of the CFTA should be met,Africa,with its vast natural resources and a booming population,will be having in its hand the very important factors which contribute to the acceleration of not only trade but economic growth in general which is needed to support the continent's booming population.
The growth of Africa's economic should be in control of Africans and the aforementioned factors offer the continent the opportunity to achieve this growth without dependence on foreign investments and economic players. This means that the continent will be able to architect and implement structures which are Africa friendly and are driven by the sole desire to grow the continent's economy.
The 54 African countries which are part of the CFTA current have a combined gross domestic product of more than $3.4 trillion. A trade environment which fosters free competition across each one of the member states will ensure that the continent is able to take advantage of this large market and grow towards the trade liberalization and harmonization which is one of the main mandates of the CFTA agreement.
But all these potential benefits that are prospected to be brought about by the CFTA are only going to be possible if there is good governance in each individual country,something most of the continent's countries have been struggling to achieve for years. Leaders must be made to understand the the aforementioned advantages of intra continental trade which can only be facilitated by them putting the affairs and good of their countries before anything else.
Africa has all the cards needed for the success of the continent's intra continental commerce and leaders should not allow diplomatic squabbles which are rooted in the presence of colonial imposed borders should not be allowed to stand in the way of the country moving forward. #AfricaCAN
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