How can the African Continental Free Trade Area (AfCFTA become an economic development force for all 54 African nations? Can its leaders transcend their personal interests to prioritize the continent’s best interests? In this article, I explain why the AfCFTA Must Fight for Africa’s Best Interests Over Personal Interests in 2025.
The benefits of inter-African trade in the AfCFTA era
The African Continental Free Trade Area (AfCFTA)—which establishes one of the largest free trade areas in the world with a market of 1.4 billion people and a combined GDP of USD 3.4 trillion could significantly transform Africa’s trade and economic landscape.
The AfCFTA has been touted as a game-changer owing to its potential to significantly increase investment flows, with their composition and direction shifting away from natural resources towards labor-intensive manufacturing as corporations take advantage of economies of scale as well as competitiveness and productivity gains associated with the drastic reduction in the risk of investing in smaller markets. Fofack, Hippolyte. 2021. “A Competitive Africa.” IMF.
The AfCFTA leadership must guard against the pursuit of personal interests
The African Union cannot afford to create an environment that promotes individual interests over those of a billion people with a growing youth population across the African continent.
This is suicidal, for three reasons.
First, trade capture by individual interests leads to corruption. Trade capture happens when a few people in the trade community put their interests before the masses. When trade is captured, individuals benefit more than populations, businesses, and the states. Individuals and their interest groups shape the economy’s destiny, which affects the implementation of inclusive trade policies. These individuals get involved in bribes to investors, corporations, and policymakers. Corruption during international trade facilitation, and influencing economic actors are other means that ultimately lead to an erosion of trust of the masses in trade officials. Such situations risk placing the private interest of the political decision-makers above the public interest.
Second. This does not create a “partnership of equals” with all African stakeholders. it is clear that if the African Continental Free Trade Area is to position itself as a continental and global trade hub, then action quickly needs to avoid partnerships that do not benefit Africa. African countries are unleashing their potential and becoming hubs for start-ups and innovation, driven by a young and ambitious population. Yes, Africa needs development partners, but most of the partnerships that Africa signed decades ago have been exploitative for the most part. Many African leaders have spent the last few decades preoccupied with their personal interests. Meanwhile, great powers America, Russia, Japan, China, Saudi Arabia, and India have steadily increased their cooperation, trade, investment, and diplomatic powerbase in multiple countries across Africa.
A common boulevard for promoting exploitative trade will be through illicit partnerships. When these kinds of partnerships are signed, trade officials will give a preferential advantage to certain corporations, friends, or groups of interests who bankrolled their bank accounts abroad.
Third, the African Continental Free Trade Area (AfCFTA) Agreement remains the saving grace of the African Union. As such, it would be a big mistake to let a tiny group of people control this huge enterprise and economic development contract between African economies and the global trade market. With personal interests being promoted in plain sight, there is a high risk that this huge enterprise will sow the seed of its own destruction.
Why Africa’s interests must matter to the African Union at all times
Africa’s interests are evident in its engagement with the world. For too long, Africa’s efforts to create a single continental economic development have been a failure in its formulation and execution. The African Union is the only truly regional organization with the mandate and profile to assist in solving pressing trade problems.
As Africa considers the purpose and nature of its trade relationship with the world, it is important to note two important things. First, Africa’s best interests as a point of continental interest and strategic significance should be prioritized.
What happens to the definition and respect of the continent’s economic interests over the next few years or decades will shape its trade competitiveness, economic position, and well-being in a highly contested global economy.
African nations are increasingly relying on the AfCFTA Secretariat and African Union to act with integrity to build a new economic architecture that is inclusive, and entrepreneurial.
In whose interest?
History has repeatedly taught us that free trade and open markets are the greatest tools for building thriving and stable economies. African nations have been making bold strategic decisions on investment and global engagement to provide world-class infrastructure to grow their economies and create a better standard of living for their citizens.
In good judgment, Africa’s interests must be served as the implementation of the African Continental Free Trade Area continues.
I hope that Africa can cement its place in the world by creating economic relationships that are built on equality, trust, shared values, and the genuine desire to build partnerships that can last for a generation through the implementation of the African Continental Free Trade Area.
The AfCFTA Must Fight for Africa’s Best Interests Over Personal Interests in 2025.
