African caucus calls for investments, energy access, to boost AfCFTA

The African Caucus, an organization of over 50 African Ministers of Finance and Central Bank governors have called for improved energy access as well as improved investments on the continent to boost the African Continental Free Trade Area Agreement (AfCFTA).

They made the call in a Communique issued at the end of the three-day meeting which took place in Abuja, a statement by Mohammed Manga, Director, information and public relations at the ministry of Finance has said.

The theme for the 2024 Caucus Meeting was, “Facilitating Intra-African Trade: Catalyst for Sustainable Development in Africa” identified major drivers for growth and development across the continent. 

“The meeting underscored the point that trade could stimulate economic growth by creating opportunities for increased production, investment, and job creation. It provides access to larger markets, new technologies, and capital.

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“The Governors underlined four key pathways to boosting intra-Africa trade, namely: strengthening pan African payment ecosystem, enhancing energy access, affordability, and connectivity;  leveraging  partnerships with MDBs, and reforming global financial architecture. 

The Caucus also called on the IMF and World Bank Group to ensure that their support to member countries continues to be guided by principles of balance and evenhandedness, and consistent with their own policies. These considerations are all the more important at a time when countries are being assailed by adverse exogenous shocks and facing immense financing needs,” the statement said.

The statement added that the Caucus reiterated the call of Heads of State to donor countries for an ambitious and robust IDA21 replenishment at a US$120 billion target to combat persistent and emerging challenges such as climate change, food insecurity, energy deficit, and fragility.