Africa’s recovery plan during coronavirus times is AfCFTA

• Some businesses around the world are still struggling to bounce back from their previous lands after COVID-19

• African businesses are no exception

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

Since the outbreak of the global coronavirus pandemic, several countries have been hit hard and are still looking for ways to get their economies back to normal.

Companies in some countries around the world had stimulus packages to cushion them, but it was sustainable enough.

According to the Secretary General of the African Continental Free Trade Area (AfCFTA), Wamkele Mene, the implementation of the 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 negative GDP growth for the first time in about 30 years. The service sector lost about $ 30 billion in just one year. Exports have fallen by up to 50% and therefore trading conditions in this context were very low. However, if you look to the right side, it means that an aggressive implementation of With this agreement, we have the opportunity to stimulate intra-African trade and contribute to Africa’s recovery.

“The countries of the whole world have contributed nearly 15 trillion dollars to the recovery plans, obviously, the developed countries because they have the monetary policies … and thus contribute to the recovery of Africa”, he said. he declares.

The AfCFTA has been operational since January 1, 2021, and so far some companies have successfully negotiated under this free trade area.

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