Dr. Emmanuel Owusu-Sekyere joins ACET as Director of Research

Launched in 2019 to establish a unied market of 1.3 billion people and a GDP of around US$ 3.4 trillion, the AfCFTA is poised to become the world’s largest free trade area with 55 member states.

Mr Pedro deplored the fact that the COVID-19 pandemic and the Russia-Ukraine war have caused a state of crisis, pushing 55 million people below the poverty line and exacerbating inequalities.

High global in ation has also led to tighter nancial conditions. Mr Pedro said despite Africa's economic growth of 3.9% in 2023 and 2024, more still needs to be done to compensate for the losses experienced in the past three years.

The Acting Executive Secretary pointed out that by fast-tracking the implementation of the AfCFTA, Africa can provide solutions to the global challenges of supply chain disruptions, food insecurity, climate change, and migration.

Highlighting that the AfCFTA provides the economy of scale to invest in manufacturing and increased intra-Africa trade, Mr. Pedro said the free trade area would bring supply chains closer to home and inject self-su ciency in essential products such as medicines, food and fertilizers.

“By providing more opportunities for women and the youth, the AfCFTA helps reduce inequality and poverty, and improves inclusion,” he said.

However, Mr Pedro highlighted two challenges that require immediate attention – rati cation and implementation - and appealed to the ten African countries that have not yet rati ed the agreement to do so soon.

Commenting on resource-based industrialization, Mr Pedro said this should focus on value addition, smart operationalisation of local content policies, and tapping into global value chains. He cited the Battery and Electric Vehi cle (BEV) sector as one that could enable the continent to tap into a global value expected to reach US$8.8 trillion in the next three years and US$46 trillion by 2050. The ECA is sup porting BEV value chain with “strong political will from the Democratic Re public of Congo and Zambia,” said `Mr Pedro.

ECA is also partnering with stakehold ers to support the transboundary agro-industry park and special eco nomic zone involving Zambia and Zimbabwe, which could address food security concerns and tap into Africa's food import market valued at about

US$90 billion per year.

Mr Pedro pledged ECA’s continued support and collaboration with the African Union and other stakeholders to transform Africa into a globally competitive investment destination.