31 Aug AfCFTA could lead to a free trade boom for Africa

Africa is on the cusp of a new era of prosperity, a new report finds – as it stands to become a manufacturing centre for high-tech industries around the world.

Following discussions with countries around the world, which we recently covered on the site – Africa is ready to utilize AfCFTA – the African Continental Free Trade Area. UNCTAD believe that through its global positioning, natural resources and the full potential for the AfCFTA, Africa will become the world’s biggest free trade area, home to 1.7 billion people – the country itself trading with initially eight nations through 96 individual products.

“This is Africa’s moment to bolster its position in global supply chains as diversification efforts continue. It’s also an opportunity for the continent to strengthen its emerging industries, foster economic growth and create jobs for millions of its people,” said UNCTAD Secretary-General, Rebeca Grynspan.

In January 2023, the World Economic Forum’s Insight report, AfCFTA: A New Era for Global Business and Investment in Africa, predicted that combined business and consumer spending across Africa could total $6.7 trillion by 2030 thanks to the free trade deal.

Through the fair trade deal, and the opening of options for the African people, living wages may rise across the continent, allowing for domestic growth and the bolstering of the economy through multiple industries.

The boom in this trading will lead to advancements in the Fintech and Security Industries, both through more funding being introduced to these sectors – to support international trading, but also due to new jobs being created.

Through sustainable development as a result of the AfCFTA, Security – alongside other industries – could see notable growth in Africa.