The United Nations Economic Commission for Africa projected that AfCTA will “increase intra-African trade by as much as US$35 billion per year, or 52 percent above the baseline by 2022.” Also, it will increase consumer spending significantly by lowering taxes on goods and services across Africa. This will increase opportunities and improve livelihoods.
While this will provide the continent with great opportunities, Mr. Azubike Obi, Group Head, Business Development at FBNBank Ghana Limited believes that “the degree of success of any country with AfCFTA heavily depends on its financial services sector since it will serve as the engine that will drive the expected activities.” In this regard, he believes “the sector must be continuously primed and pruned to enhance its ability to play an expanded role in this new inter-regional trade environment as well as in providing essential tools and platforms to enhance each country’s gains from the Agreement. Read More.
