Making the African Continental Free Trade Agreement a Success: Pathways and a Call for Action

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Albert G. Zeufack Fulbert Tchana Tchana

Making the African Continental Free Trade Agreement a Success

Pathways and a Call for Action

Albert G. Zeufack, Fulbert Tchana Tchana, Aly Sanoh

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English

Routledge
05 April 2024

Comparative politics; International trade; Development economics; Political economy; International business

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.

Edited by: Albert G. Zeufack, Fulbert Tchana Tchana, Aly Sanoh
Imprint: Routledge
Country of Publication: United Kingdom
Dimensions: Height: 234mm, Width: 156mm,
Weight: 570g
ISBN: 9781032598475
ISBN 10: 1032598476
Pages: 280
Publication Date: 05 April 2024
Audience: College/higher education , Professional and scholarly , Primary , Undergraduate
Format: Paperback
Publisher's Status: Active

Foreword 1: Making the AfCFTA a Success: Potential, Pathways, and Call for Action 2: Africa’s Trade patterns—Trends and Benchmarking 3: Long-term growth impact of a well-functioning AfCFTA for the continent and by sub-region: a comparative analysis based on historical experience 4: The Africa Continental Free Trade Area and Poverty Reduction in Africa 5: AfCFTA: What it means for AGOA, EBA and trading with Asia? 6: Lessons from African RECs: for a successful AfCFTA 7: Fiscal policies coordination to the success of the AfCFTA 8: Monetary policy harmonization for AfCFTA 9: Transport Policies for a Successful AfCFTA 10: Industrialize Africa by leveraging on its natural resources: The AfCFTA to be a game changer 11: Upgrading Skills for Africa’s Economic Transformation 12: Realizing the promise of the AfCFTA - the role of industrial and competition policies 13: Intellectual Property and the African Continental Free Trade Area: A Public Health Perspective

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.

Reviews for Making the African Continental Free Trade Agreement a Success: Pathways and a Call for Action

This is one of the first books that provides technical and credible pathways for the success of the AfCFTA. It will successfully spur economic development in Africa. Successful implementation of AfCFTA will have a far-reaching impact beyond economic and distributional aspects—a must-read book for students and policymakers interested in changing Africa’s growth and development trajectory. Ngozi Okonjo-Iweala, Director General of the World Trade Organization This book explores three foundations for the success of the AfCFTA: Demography, Digital, and Diversification. It is a strong call to action for African policymakers and handy tools and practical steps for students that will lead to a thriving regional integration through structural change. Frannie Léautier, Senior Partner and CEO of Southbridge Investments This is a fantastic book by world-class African experts on the AfCFTA's most defining issues for the future of the African continent. Please read it, you may change your mind! Paul Collier, Professor of Economics and Public Policy, Blavatnik School of Government, University of Oxford