Heading into 2024, the African financial industry has experienced a period of rapid growth ... The African ContinentalFreeTradeArea (AfCFTA) presents a significant opportunity for the financial industry to support intra-African trade and investment.
However, Babirye remains optimistic about the potential of initiatives like the AfricanContinentalFreeTrade Agreement (AfCFTA) to bolster regional trade networks and support the growth of African businesses.
The AfricanContinentalFreeTradeArea, which took effect in May 2019 with 22 signatories, has since expanded to include 47 countries as of this month. This is the largest free-trade area by the number of participating countries.
This quarter also saw the first shipment of goods under the AfricanContinentalFreeTradeArea agreement. This is significant for the long-term growth of Intra-Africa Trade, which currently stands at 16%.
... and production inputs of the participating countries, and to work on joint manufacturing and exports to African markets, the European Union, and other regions with free trade opportunities for Egypt.