AFRICA NEWS AGENCY
AfroChampions Review
2020, A DECISIVE YEAR
AfCFTA Trillion Dollar Framework Session, Accra - Photo credit AfroChampions Initiative -RR
As part of its advocacy mission between the private sector and pan-African institutions, the AfroChampions Initiative, which has been committed to the implementation of the AfCFTA since the beginning of the process, has launched a series of projects to strengthen the continent’s resilience in the context of the economic crisis following the COVID-19 pandemic.
February 2020 African Union Heads of State formally support the $1 trillion AfCFTA Investment Framework Le cadre d’investissement de 1000 mThe $1 trillion investment framework in support of the AfCFTA was developed by the AfroChampions Initiative, in collaboration with the African Union’s Department of Trade and Industry, and based on strategic brainstorming sessions with project developers, financial institutions, including banks, pension funds, and sovereign wealth funds, and public authorities from across the continent. The objective is to support the deployment of high-impact projects, particularly in infrastructure and industry, so that the African common market can soon become a reality. Energy, transport, connectivity and agriculture are among the priorities identified. The method: a rigorous project selection and monitoring process, combined with an investment vehicle that brings together African and foreign investors and a mechanism for monitoring public policies
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to implement the AfCFTA, are essential to creating a good investment climate on the continent. In February 2020, the Trillion Dollar Investment Framework received the official support and endorsement of the African Union Heads of State.
May 2020 – Official call to keep the AfCFTA on track In an open letter to the continent’s political leaders released in May 2020, representatives of the African business community explain why a complete postponement of AfCFTA due to the COVID pandemic would be a mistake and how some aspects can be rescheduled. Africa needs AfCFTA both to defeat COVID-19 and to accelerate post-COVID economic recovery - that was the core message of this call, issued by the AfroChampions Initiative.
“ AfCFTA Zero Year Report ” This report is a first in that it provides an assessment of African governments’ readiness for and engagement in the AfCFTA trade process, in the specific context of COVID-19 This assessment, which was conducted prior to the emergence of COVID-19, showed that, despite the euphoria, African governments’ level of readiness for and commitment to the implementation of the AfCFTA is surprisingly below 50 percent. Yet the AfCFTA can be one of the weapons for defeating COVID-19 and accelerating post-COVID economic recovery. May 2020 - The AfroChampions ranking aimed to answer two questions: • Which countries are most engaged in the AfCFTA implementation process? • Which countries are best prepared for implementation in terms of trade infrastructure, customs efficiency, and access to credit? The most engaged country in the AfCFTA implementation process is Rwanda, which scores 83.93% on the engagement scale, and the least engaged country is Eritrea, with a score of 0.85%. The most prepared country is South Africa, with a score of 68% on the implementation readiness scale. South Sudan has the lowest readiness score. The continent’s overall average level of commitment to AfCFTA is 44.48%; and its overall level of implementation readiness is 49.15%.
