The African Continental Free Trade Area (AfCFTA) and the African Export-Import Bank (Afreximbank) have renewed their commitment to dismantling barriers and scaling up trade tools to unlock the full potential of intra-African commerce.
At a farewell lecture in Accra for Professor Benedict Okey Oramah, the outgoing President and Chairman of Afreximbank, AfCFTA Secretary-General H.E. Wamkele Mene underscored the urgency of moving from foundational work to accelerated implementation.
According to Mene, the collaboration between AfCFTA and Afreximbank has laid the critical groundwork for economic integration, but more must be done to turn policies and frameworks into tangible results on the ground.
“These are more than programmes. They express a single vision: a self-reliant Africa that trades with itself, invests in its own potential, and shapes its future with purpose.”
Highlighting initiatives like the Pan-African Payment and Settlement System (PAPSS), the Adjustment Fund, and the MANSA due diligence platform, Mene pointed out that these tools are already helping reduce transaction costs and improve trust across borders. PAPSS, for instance, is enabling seamless transactions in local currencies, thereby reducing reliance on external intermediaries. Similarly, the Adjustment Fund is designed to cushion economies and industries facing short-term shocks from tariff liberalization.
“These tools are not abstract ideas; they are practical solutions. But for them to succeed, we must ensure they are scaled and widely adopted across member states.”
Tackling Persistent Trade Barriers
While celebrating progress, the AfCFTA Secretary-General did not shy away from identifying persistent hurdles. Non-tariff barriers, inefficiencies at borders, and inconsistent application of rules of origin continue to undermine Africa’s potential to trade with itself. Mene called for urgent reforms to make border processes more efficient and to enforce trade rules consistently.
“We must keep borders efficient, reduce non-tariff barriers, and make rules of origin work at the factory and at the border,” he said. He further stressed the importance of inclusivity, warning that Africa’s integration would be incomplete if women, youth, and small businesses were excluded from benefiting fully from the AfCFTA market.
In his farewell address, Professor Oramah reflected on Afreximbank’s instrumental role in laying the foundation for Africa’s trade renaissance, even before the AfCFTA came into force in 2020. He recalled how the bank launched its Intra-African Trade Strategy in 2016 with a commitment of $20 billion by 2022—an ambitious target that was not only met but exceeded.
“More importantly, we made intra-African trade a bankable proposition,” Oramah noted. He emphasized that the Bank’s interventions had proven that trade within Africa was not only possible but profitable, setting the stage for AfCFTA’s broader agenda.
Financing Africa’s Trade Transformation
Afreximbank’s financial commitments to the AfCFTA Secretariat have been critical in supporting operations, negotiations, and protocol development. Beyond that, the Bank’s African Trade Facilitation Programme (AFTRAF) has expanded access to financing across the continent. Through AFTRAF, Afreximbank has onboarded more than 500 of Africa’s 600 commercial banks, providing them with letters of credit confirmation lines and trade credit limits.
With a target of $8 billion, the programme has already disbursed more than $5 billion directly to finance intra-African trade transactions. “This is not theory; this is trade happening today,” Oramah stressed.
The renewed call from AfCFTA and Afreximbank highlights a pivotal moment for Africa’s economic future. Both institutions are urging policymakers, private sector players, and civil society to rally behind a vision of a self-reliant Africa where intra-continental trade drives growth, industrialization, and job creation.
Experts argue that unlocking Africa’s trade potential could lift millions out of poverty, reduce dependency on external markets, and position the continent as a stronger player in the global economy. But for this to happen, governments must act decisively to reduce bureaucracy, upgrade infrastructure, and empower local enterprises.
As AfCFTA and Afreximbank chart the next phase of Africa’s integration journey, the tools and frameworks exist, but without political will, efficient institutions, and inclusive participation, the dream of a unified African market will remain elusive.
Wamkele Mene, meanwhile, noted that the choice is stark but full of promise.
“The future is in our hands. We can choose to let barriers define us, or we can choose to break them and create an Africa that thrives by trading with itself.”
The challenge now is for leaders and stakeholders to seize the moment, ensuring AfCFTA delivers on its promise of a borderless, inclusive, and prosperous Africa.
READ ALSO: Banks Rake in GH¢7.2bn Profit — 32% Surge Shocks Industry in June 2025
