Making the African Continental Free Trade Agreement a Success
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- ISBN 9781032598475
- Weight: 460g
- Dimensions: 156 x 234mm
- Publication Date: 05 Apr 2024
- Publisher: Taylor & Francis Ltd
- Publication City/Country: GB
- Product Form: Paperback
- Language: English
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In 2019, African heads of state and governments launched in fanfare the African Continental Free Trade Agreement (AfCFTA), a historic agreement for economic transformation across the continent. But now comes the hard bit: how to make the agreement a success?
In this book, senior experts from across the world come together to provide a comprehensive analysis of the conditions needed for AfCFTA to successfully spur economic development in Africa. It puts forward three foundations for success: demography dividend, digital economy, and economic diversification. In addition to trade policy, the book recommends that African policymakers should strengthen fiscal and monetary policy coordination, adopt and implement the appropriate regulatory environment, and build suitable connectivity infrastructure. The stakes are high. If implemented correctly, the book argues that AfCFTA could speed up trade within Africa, which could double every five years. Success would mean growth, investment, changing trade patterns, jobs, economic transformation, poverty reduction, and a continental market for services.
Driven by concrete, evidence-based strategies for long-term growth, this book is an essential read for policy makers, development practitioners, economics researchers, and everyone with an interest in the future of Africa.
Albert G. Zeufack is the World Bank’s Country Director for DRC, Angola, Burundi, and Sao Tome et Principe. Prior to his appointment he was Chief Economist for Africa from May 2016 to June 2022. He was also Practice Manager in the Macroeconomics and Fiscal Management Global Practice and leader of the World Bank-wide Community of Practice for the Management of Natural Resources Rents. His main research interest is in the micro-foundations of macroeconomics.
Fulbert Tchana Tchana is a World Bank Lead Country Economist. Since joining the Bank in 2013, he has worked on analytical, advisory, capacity-building, and lending operations in the Middle East and Africa. He supported these countries in the areas of economic modeling, growth and productivity analytics, economic and trade diversification, oil revenue management, subsidy reform, and regional integration. Before joining the Bank, his previous positions included Economist for Cameroon’s Ministry of Finances and Assistant Professor of Economics at the University of Cape Town, South Africa.
Aly Sanoh is a Senior Economist in the Poverty and Equity Global Practice of the World Bank. His work focuses on understanding the drivers of poverty and inequality reduction in the Sahel countries. He has held positions in the Office of the Chief Economist of the Africa Region, where he conducted macroeconomic and microeconomic analyses for Africa’s Pulse.
