African finance ministers and central bank governors have outlined a four-point strategy to enhance intra-African trade and stimulate economic growth.
The plan, which was agreed upon at this year’s African Caucus meeting in Abuja, focuses on strengthening payment systems, improving energy access, leveraging partnerships with banks, and reforming the global financial architecture.
The meeting, held amidst a challenging global economic climate, stressed the need to increase intra-African trade as a catalyst for job creation and investment.
Acknowledging Africa’s economic resilience, the leaders emphasised the continent’s low share of global trade, currently at 14.4 per cent.
To address this, the caucus called for concerted efforts to dismantle trade barriers, including tariffs, fragmented payment systems, and inadequate infrastructure.
