24 Nov 2024

The African Continental Free Trade Area(AfCFTA) holds significant prospects for transforming Africa’s economic landscape to foster investment, create jobs, and promote industrialisation.

Giving a keynote address during the Africa Economic Conference in Gaborone on Saturday, President Advocate Duma Boko said it was therefore, critical for Africa to capitalise on AfCFTA and leverage its potential to enhance intra-Africa trade and position the continent as a global economic powerhouse.

AfCFTA offers a golden opportunity with potential to open new horizons for regional economic cooperation in Africa as it covers a market of close to 1.27 billion people and a combined Gross Domestic Product of over P25 trillion.

Beyond trade, President Boko emphasised the need for the extension of regional cooperation and shared physical infrastructure, resource management and conflict resolution.

“Ending armed conflicts which hinder development by, Silencing the Guns in Africa, cannot be over emphasised, in order to create a stronger and more integrated Africa. An Africa which is better equipped to navigate the global trade dynamics and challenges,” said President Boko.

He called for an abrupt end to the ongoing and unnecessary wars which continued to cause immeasurable human suffering, loss of life, displacement, leaving lasting scars on societies.

President Boko said peace and stability in Africa should be anchored on accountable and responsive governance, which was a fundamental human right for every African citizen and set the requisite bedrock for any form of measure for Africa’s economic development and sustainability.

In that regard, he said Africa must demonstrate commitment to transparency, accountability, and respect for the rule of law in order to attract foreign investment and build sustainable growth in the continent.

Additionally, President Boko noted that the global economic environment remained volatile with rising inflation, supply chain disruptions and tightening monetary policies across developed economies that impacted fiscal stability.

He said the threat of climate change loomed large and threatened agricultural productivity and livelihoods. “In addition, geopolitical tensions, Africa’s challenges rooted in internal conflicts, regional disputes and global power struggles also present major challenges to the continent’s economic development,” he said.

President Boko thus indicated that navigating global challenges during these uncertain times required a multifaceted approach that addressed human development, geopolitical, economic, environmental and other challenges in a holistic manner.

He said Africa was rich in natural resources hence it was critical to develop and strengthen value chain systems for value addition to Africa’s vast natural resources and to prioritise the use of these in Africa.

Similarly, President Boko noted that there was great potential within the agricultural sector in most African countries, where innovation was key to increased production and food security.

“We must work together to create efficient, productive and effective agricultural systems and agribusinesses in Africa,” he said.

With regard to youth empowerment, President Boko said Africa was blessed with a young and vibrant population which was a tremendous asset, if invested in wisely.

“Our young people are the innovators, entrepreneurs and leaders of tomorrow, who will drive our economic growth and create inclusive, resilient societies where no one will be left behind,” he said.

He thus said there was the need to prioritise investments in their education and equip them with the necessary skills for them to be able to drive innovation and build a workforce capable of thriving in the digital economy.

President Boko said the digital revolution also presented a powerful tool for economic transformation as technology was the key to unlocking new avenues of growth and reshaping African economies.

It is imperative for the continent to act in unison and with unwavering boldness to secure Africa’s economic future and build a resilient and prosperous Africa, President Boko said. Ends