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Business News of Friday, 9 July 2021

Source: www.ghanaweb.com

Africa’s stimulus package in coronavirus times is AfCFTA - Wamkele Mene

AfCFTA Secretary-General, Wamkele Mene play videoAfCFTA Secretary-General, Wamkele Mene

• Some businesses across the globe are still struggling to bounce back to their previous grounds post COVID-19

• African businesses are of no exception

• Wamkele Mene has said the only stimulus package to help Africa recover from coronavirus is the implementation of AfCFTA

Since the outbreak of the global pandemic, coronavirus, several countries have been badly hit and are still devising ways to make their economies bounce back to normal.

Businesses in some countries across the globe had stimulus packages to cushion them but that has been sustainable enough.

According to the Secretary-General of the African Continental Free Trade Area (AfCFTA), Wamkele Mene, the implementation of AfCFTA is the only stimulus package to boost intra-African trade.

Speaking at a press conference on Friday, July 9, 2021, Mr Mene said, "Sub-Saharan Africa experienced a negative growth in GDP for the first time in about 30 years. The services sector lost about $30billion in one year alone. Exports were down by up to 50% and so the conditions for trading in that context were very low. However, if you look at the right side, it means that aggressive implementation of this agreement, we have the opportunity to boost intra-Africa trade and to contribute to Africa’s recovery."

"Countries around the world would have contributed close to $15 trillion worth of the recovery packages, obviously, developed countries because they have the monetary policies… Africa’s stimulus package…recovery post COVID-19 is this AfCFTA and aggressive implementation to boost intra-African trade and thereby to contribute to Africa’s recovery," he stated.

AfCFTA has been operational since January 1, 2021, and so far, some businesses have traded successfully under this Free Trade Area.



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