African leaders urged to prioritise intra-continental trade for sustainable growth

Associate Professor of International Trade at Anglia Ruskin University, UK, Professor Evans Akwasi Gyasi, has called on African leaders to place greater emphasis on intra-African trade as a strategic pathway to the continent’s sustainable economic development.

Speaking at the launch of the Trade Growth Network in Accra on Friday, June 20, he explaiend the need for African countries to focus more on trading with their neighbours rather than distant markets, citing the proven economic benefits of regional integration.

“We have what we call a gravity model. It is better to trade with your neighbours than to trade with people who are far away from you. What prevents Ghana from trading with Togo or Ivory Coast?” He questioned.

According to him, although many African countries export similar goods, there are still vast opportunities for collaboration and value addition.

He seized the occasion to call for practical steps to harness the full potential of the African Continental Free Trade Area (AfCFTA) and other regional economic blocs.

“One thing about African countries is that there is commonality between the goods that we sell, but the point is that we can leverage on each other. What can we do best? Can we steer our SMEs to focus on the strengths of their countries so we can build on that? That can bring about expansion and growth for the economy and the continent as well.

“The practical things ought to be done. We can maximise and leverage the potential that the African Continental Free Trade Area agreement offers, as well as the opportunities presented by other regional bodies.” He said.

Source: Elvisanokyenews.net