Stresses imperative of an African credit rating agency “to counter global undervaluation of African economies highlighted
By Taiye Olayemi
Implementing the African Continental Free Trade Area (AfCFTA) is a continuous process, not a one-off event, and requires patience, strategy and diplomacy, Riyad Mezzour, Morocco’s Minister of Industry and Trade, has said.
Addressing journalists at a press conference during the 57th session of the Economic Commission for Africa (ECA), which was held from March 12 – 18 in Addis Ababa, Mezzour said transformative measures are vital to advance AfCFTA implementation and promote economic integration across the continent.
The conference was held under the theme ‘Advancing the Implementation of the Agreement Establishing the African Continental Free Trade Area: Proposing Transformative Strategic Actions’.
Mezzour highlighted the importance of activating regional value chains and removing barriers that obstruct intra-African trade, stressing the need for unified, coordinated action.
Digitalisation was also discussed, including investments in infrastructure and skills, youth empowerment through education and entrepreneurship, and prioritising sustainability and climate-friendly trade practices.
According to the Moroccan Trade Minister, strong political will, effective governance, and coherent, enforced policies are also crucial in ensuring progress and maintaining momentum towards AfCFTA’s goals.
Claver Gatete, Executive Secretary of the ECA, noted that declining global investment and aid underscore the urgency of promoting intra-African trade and investment.
Gatete explained that by strengthening trade ties and investing locally, African nations can boost resilience, stimulate growth, and build a self-reliant regional economy
He added that the ECA is supporting African countries in creating tailored national AfCFTA strategies to help them fully benefit from available opportunities.
These strategies focus on countries’ strengths and competitive advantages to drive regional integration and expand global market access.
Zimbabwe’s Finance Minister, Prof. Nthuli Ncube, called for an African credit rating agency to counter global undervaluation of African economies.
Such an agency, he said, would enhance credibility, attract investment, and support the objectives of the AfCFTA.
