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VICTOR KGOMOESWANA, AUTHOR OF “AFRICA IS OPEN FOR BUSINESS”

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A lot is being said and celebrated about the African Continental Free Trade Area, AfCFTA, in the wake of its maturity on Thursday (May 30). The African Union, AU, initiative aims to create a continent-wide market of 1.2 billion people worth $2.5 trillion. Different African countries have made varying levels of commitment.
The highest being the ratification and deposition of necessary documents with the AU. The other class being the signing of the agreement and the non-commitment level being those that have yet to even sign up.
The unsigned group comprises three countries: Nigeria, Eritrea and Benin. In effect, fifty-two of the AU’s 55 member states have signed the agreement to establish the free trade area since March 2018. A notable exception of Nigeria, the largest economy on the continent, had raised eyebrows across the continent but the government insisted that it was conferring with stakeholders back home before committing to the deal.
Its former president Olusegun Obasanjo has been critical of the government’s decision. In the case of Eritrea and Benin, there has been no official reason for their continued silence on the deal.
3 Jun 2019 12PM English South Africa Business News · Investing

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