
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="544" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/02/GettyImages-1195404729-820x544.jpg" alt="" class="wp-image-396401" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/02/GettyImages-1195404729-820x544.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2021/02/GettyImages-1195404729-300x199.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/02/GettyImages-1195404729-768x509.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2021/02/GettyImages-1195404729.jpg 1024w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption>Nana Addo Dankwa Akufo-Addo, Ghana&#8217;s president, gestures as he speaks during a news conference on day three of the World Economic Forum (WEF) in Davos, Switzerland, on Thursday, Jan. 23, 2020. World leaders, influential executives, bankers and policy makers attend the 50th annual meeting of the World Economic Forum in Davos from Jan. 21 &#8211; 24. Photographer: Gem Atkinson/Bloomberg via Getty Images</figcaption></figure>



<p>Africa needs to find its own resources in order to drive a sustainable post-Covid-19 recovery and reconstruction plan built on the African Continental Free Trade Area (AfCFTA), the President of Ghana told this year’s World Economic Forum (WEF) meeting.</p>



<p>President Nana Addo Dankwa Akufo-Addo said this was crucial as the continent seeks to return to macroeconomic stability and fiscal responsibility while leveraging rapidly changing digital technologies to improve livelihoods.</p>



<p>“The multilateral system is under strain, and we must do all that we can to generate the needed resources to achieve sustainable development,” the Ghanaian leader told a session entitled `Building Inclusive, Sustainable and Job-Creating Growth in Africa&#8217;”.</p>



<p>“We in Africa should make every effort to generate for ourselves the additional funds we need to advance, and hopefully our external partners – private and public – will lend their backing to the priorities we set.”</p>



<p>The agreement connects 1.3 billion people across 55 countries with a combined gross domestic product (GDP) valued at US$3.4 trillion. The World Bank says it has the potential to pull more than 30 million people out of extreme poverty.</p>



<p>Akufo-Addo said goodwill towards the continent remained strong as shown by President Cyril Ramaphosa, who told the virtual WEF Davos Dialogues that South Africa had mobilised around $51 billion (R774billion) in new investment commitments over the last three years.</p>



<p>Ramaphosa said around a fifth of the committed value had already been invested in construction and essential equipment for mining, manufacturing, telecoms and agriculture.</p>



<p>Naspers SA Chief Executive Phuthi Mahanyele-Dabengwa told the meeting that digital had the ability to help reduce some of the inequalities exacerbated by the coronavirus.</p>



<p>“Africa’s digital transformation has the potential to leap frog many cycles of development. We can make significant advances enabling sustainable economic growth ensuring we move forward collectively so that no one is left behind.”</p>



<p>Absa Group Chief Executive Daniel Mminele said the there was an opportunity to leverage public funds and infrastructure investments better to uplift communities.</p>



<p>“We need to find sustainable solutions to some of the funding problems we have but funding is very key and a responsibility that sits on the shoulders of both the public and private sector and banks.”</p>


Day Three Of The World Economic Forum (WEF) 2020

Africa must use continental new trade agreement to plan Coronavirus recovery plan

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<p>According to the Rwanda National Institute of Statistics, the country&#8217;s exports to Africa has nearly increased by around 50 per cent over the last 5 years. Now, with the AfCFTA in place, the government has identified opportunities in several local products for exports that are expected to drive the country&#8217;s exports to the African continent from the current $1.6 billion to about $5 billion in 10 years. Diane Sayinzoga, Head of Special Economic Zone and Export Facilitation Department at the Rwanda Development Board joins CNBC Africa for more.</p>


AfCFTA: How Rwanda plans to tap into the continental market

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<p>According to figures from the National Agricultural Export Development Board, Rwanda’s coffee export volume reduced by 6 per cent while revenues went down by over 11 per cent to $7.6 million. CNBC Africa spoke with Gilbert Gatali, Chairperson of Coffee Exporters and Processors Association in Rwanda on this and expectations they have towards the AfCFTA.</p>


Rwanda’s coffee export revenue fell by 11%

Rwanda’s coffee export revenue fell by 11%, here’s why

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<p>The African Union introduced the African Business Council (AFBC) as a key pillar within the architecture of the African Continental Free Trade Area to ensure an organised interaction between the private sector and policymakers. Mansur Ahmed, Interim Vice-Chairperson of the Council joins CNBC Africa for more.</p>


AFBC’s Ahmed on how African businesses can leverage the AfCFTA

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<p>The African Continental Free Trade Area holds immense potential for the social and economic development of Africa. Joining CNBC Africa to discuss how the project can boost trade and resilience in the continent is Chido Munyati, Acting Head of Africa at the World Economic Forum.</p>


WEF’s Munyati on how to strengthen intra-African trade

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<p>The private sector is a key stakeholder and beneficiary of the African Continental Free Trade Area. But how ready are they to commit fully to trading and investing in the AfCFTA? CNBC Africa spoke to the Chairman of the Rwanda Private Sector Federation, Robert Bapfakurera, for more.</p>


AfCFTA: Assessing the preparedness of Rwanda’s private sector

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<p>The Eastern Africa region is set to generate an estimated $1.8 billion and more than 2 million jobs if the African Continental Free Trade Area (AfCFTA) is successfully implemented. But how is the region ready to stand out in the competitive market? UNECA Director for East Africa Mama Keita spoke to CNBC Africa for more.</p>


AfCFTA: Are East African economies ready to compete?

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<p>Economies all over the world lost trillions of dollars due to COVID-19, with small and medium sized businesses being heavily impacted. However, SMEs are set to be one of the winners, with the implementation of the African Continental Free Trade Area. Joining CNBC Africa to discuss the landscape for these businesses is Dr. Ebiekure Eradiri, Secretary-General of the All Africa Association for Small &#038; Medium Enterprises joins CNBC Africa for more.</p>


How African SMEs can leverage the AfCFTA for growth

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<p>The African Development Bank today hosted the Africa Investment Conference. This brought United Kingdom and African businesses together, to discuss investment and partnership opportunities. This comes at an interesting time, amid the implementation of the African Continental Free Trade Area. Joining CNBC Africa for more is Wale Shonibare, Director for Energy Financial Solutions, Policy &#038; Regulation at the African Development Bank.</p>


UK-Africa Investment Conference seeks to strengthen business ties

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<p>Coming out with its latest Sub-Saharan Africa update, ABSA reports that Nigeria’s headline inflation climbed to 15.8 per cent year-on-year in December 2020. This marks a 38-month high, largely driven by a rise in food prices. Joining us for that update on Nigeria and more is Ridle Markus, an Africa Strategist at Absa Corporate &#038; Investment Banking.</p>


Rwanda ready to trade under the AfCFTA

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<p>The Forus Group has created a digital exchange, which will serve as a platform for Africa to do business and to provide access to capital.</p>


FORUS collaborates with central banks to issue digital currency

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<p>Rwanda has launched the start of trading under the African continental free trade area with the aim to create awareness among the business community and highlight opportunities for locally made products.</p>


Rwanda launches trading under the AfCFTA

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<p>A survey by the Lagos Chamber of Commerce and Industry on the impact of coronavirus on the Lagos business community shows that 81 per cent of SMEs were severely affected by the pandemic. But could the coming into effect of the African Continental Free Trade Agreement offer a path to recovery for these businesses? Muda Yusuf, Director General of the LCCI joins CNBC Africa for more.</p>


AfCFTA: A recovery path for Nigerian MSMEs?

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<p>Many African countries, while facing fiscal challenges, were forced to increase government expenditure to support their economies amid COVID-19. With rising debt and decreased revenue, many sank into recession. Joining CNBC Africa to provide an outlook on the trends for these economies in 2021 is Daniel Kavishe, Economist for Sub-Saharan Africa at Rand Merchant Bank.</p>


RMB on Africa’s economic outlook for 2021

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<p>The World Bank says the highest rates of entrepreneurship in the world are in Sub-Saharan Africa. The Tony Elumelu Foundation has been tapping into the potential of Africa&#8217;s young entrepreneurs for over a decade and the CEO, Ifeyinwa Ugochukwu joins CNBC Africa to discuss how the pandemic and the continental trade pact can spur new entrepreneurs in Africa.</p>


How COVID-19 & AfCFTA can spur new African entrepreneurs

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<p>Year-to-date returns in Nigeria&#8217;s equities market for 2020 reached its highest yearly gain since 2008 when the NSE All-Share Index gained 50.03 per cent to close the year. Meanwhile, trading under the African Continental Free Trade Agreement began on the first of January this year and has been touted as a key component of the continent&#8217;s economic recovery. Wale Olusi, Head of Investment Research at United Capital and Omotola Abimbola, Macro &#038; Fixed Income Analyst at Chapel Hill joins CNBC Africa to discuss what 2021 holds for the markets, trade and the economy.</p>


Outlook 2021: What the year holds for Nigerian economy

Outlook 2021: What the year holds for Nigerian economy, markets

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<p>The World Bank says the African Continental Free Trade Agreement is a major opportunity for African countries to diversify their exports, accelerate growth and attract foreign direct investment. So how ready is Africa to take advantage of this trade pact?  Dr. Abdu Mukhtar, AFDB&#8217;s Director of the Industrial &#038; Trade Development Department and Muda Yusuf, Director-General of the Lagos Chambers of Commerce and Industry join CNBC Africa for more.</p>


AfCFTA

Africa must use continental new trade agreement to plan Coronavirus recovery plan

AfCFTA: How Rwanda plans to tap into the continental market

Rwanda’s coffee export revenue fell by 11%, here’s why

AFBC’s Ahmed on how African businesses can leverage the AfCFTA

WEF’s Munyati on how to strengthen intra-African trade

AfCFTA: Assessing the preparedness of Rwanda’s private sector

AfCFTA: Are East African economies ready to compete?

How African SMEs can leverage the AfCFTA for growth

UK-Africa Investment Conference seeks to strengthen business ties

Rwanda ready to trade under the AfCFTA

FORUS collaborates with central banks to issue digital currency

Rwanda launches trading under the AfCFTA

AfCFTA: A recovery path for Nigerian MSMEs?

RMB on Africa’s economic outlook for 2021

How COVID-19 & AfCFTA can spur new African entrepreneurs

Outlook 2021: What the year holds for Nigerian economy, markets

How the AfCFTA can drive Africa’s COVID-19 recovery

News Tips

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AfCFTA

Africa must use continental new trade agreement to plan Coronavirus recovery plan

AfCFTA: How Rwanda plans to tap into the continental market

Rwanda’s coffee export revenue fell by 11%, here’s why

AFBC’s Ahmed on how African businesses can leverage the AfCFTA

WEF’s Munyati on how to strengthen intra-African trade

AfCFTA: Assessing the preparedness of Rwanda’s private sector

AfCFTA: Are East African economies ready to compete?

How African SMEs can leverage the AfCFTA for growth

UK-Africa Investment Conference seeks to strengthen business ties

Rwanda ready to trade under the AfCFTA

FORUS collaborates with central banks to issue digital currency

Rwanda launches trading under the AfCFTA

AfCFTA: A recovery path for Nigerian MSMEs?

RMB on Africa’s economic outlook for 2021

How COVID-19 & AfCFTA can spur new African entrepreneurs

Outlook 2021: What the year holds for Nigerian economy, markets

How the AfCFTA can drive Africa’s COVID-19 recovery

News Tips

Advertise With Us

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