AfCFTA Chief Urges Infrastructure Upgrades to Cut Trade Costs

Secretary-General Wamkele Mene urged African nations to strengthen payment systems, infrastructure, and border efficiency to unlock the full benefits of the African Continental Free Trade Area. Speaking at the Project Management Institute Global Summit Series in Cape Town, Mene stated that fragmented markets cost African businesses approximately $5 billion annually in currency conversion fees, often forcing trade between nations like Ghana and Kenya to rely on the US dollar.

To mitigate these costs, Mene highlighted the Pan-African Payment and Settlement System, developed by the AfCFTA Secretariat and Afreximbank, which enables cross-border payments in local currencies. He called for the alignment of national policies and the implementation of the AfCFTA Digital Trade Protocol to encourage investment in emerging technologies and data centers. While acknowledging that liberalization could pressure domestic industries, Mene noted that the agreement includes safeguards for infant industries.

George Asamani of the Project Management Institute emphasized that the agreement's success depends on project professionals capable of managing risks and coordinating institutions across national boundaries to ensure the trade bloc is usable for businesses.