Trade among African countries accounts to only 13%, this is according to the United Nations Economic Commission for Africa. A rather low figure in view of the opportunities that represents the intercontinental trade.
Economists attending the Malabo business forum in Malabo Equatorial Guinea said African countries must explore news to counter production and trade amongst themselves to fasten growth.
“We must find the means to finance the infrastructure because that is what is lacking a lot in Africa. We must also diversify the economies because in diversifying the economies, we are going to create a lot more channels of values added and this will allow precisely to our economies, to be able to share more and therefore revive the integration and to be able to improve its impact on economic growth in Africa,” said Blaise Gnimassoun, analyst from the University of Lorraine.
The third day of the summit saw the African Union calling for the effective implementation of the free-trade within the continent to facilitate business integration and save many struggling economies.
The African Union economic affairs department estimates that 40 percent of the African population lives in poverty, a figure not in line with the growth resilience demonstrated throughout Africa.
The World Bank reports the Africa’s aggregate growth is expected to rise to 3.2 percent in 2018 and 3.5 percent in 2019, but more can be done as the continent’s largest economies recover.