The African Caucus, which includes over 50 African Ministers of Finance and Central Bank governors, has urged for better energy access and increased investments to support the African Continental Free Trade Area Agreement (AfCFTA).
This call was made during a three-day meeting in Abuja.
The 2024 Caucus Meeting, themed “Facilitating Intra-African Trade: Catalyst for Sustainable Development in Africa,” highlighted that trade can drive economic growth by enhancing production, investment, and job creation.
The meeting identified four key pathways for boosting intra-African trade: strengthening the pan-African payment system, improving energy access, building partnerships with multilateral development banks (MDBs), and reforming the global financial system.
The Caucus also urged the IMF and World Bank to support member countries fairly and called for a robust IDA21 replenishment of US$120 billion to address challenges like climate change, food insecurity, and energy deficits.
(Daily Trust)