Economic freedom remains Africa’s unfinished struggle: AfCFTA boss

Africa may have achieved political independence, but the continent’s biggest remaining challenge is economic liberation, according to the Secretary General of the African Continental Free Trade Area (AfCFTA). ALSO READ: Rwanda is where things get done, says AfCFTA’s Wamkele Mene Speaking at an international conference on Africa Day held in Kigali on Sunday, May 24, Wamkele Mene said Africa must focus on building economic sovereignty through trade integration, industrialisation, and stronger regional cooperation. “After six decades of our continent being free, there’s a central question that must now occupy us, and that is economic freedom and the economic sovereignty of our continent,” Mene said at the conference organised by the Pan-African Movement (PAM) Rwanda. Africa Day is commemorated annually on May 25 to mark the founding of the Organization of African Unity (OAU) in 1963. OAU was the precursor to the African Union (AU). “For generations, much of our continent’s engagement with global economies has been shaped by structural dependence,” he said, pointing to Africa’s continued reliance on exporting raw materials while importing finished goods. ALSO READ: AfCFTA: Rwandan products launched on Ghanaian market According to Mene, the AfCFTA remains Africa’s most important tool for reversing that trend and building a unified continental market. The trade agreement seeks to integrate a market of 1.4 billion people with a combined GDP of $3.4 trillion. “This is the objective of the African Continental Free Trade Agreement: to enable us to overcome economic underdevelopment, underdevelopment in industry, and the fragmentation of markets,” he said. Mene noted that 50 African Union member states have ratified the AfCFTA agreement, describing it as a strong signal of political commitment toward continental integration. “This is a very important milestone,” he said. “But it is not the end of the road. It is a path towards a more integrated market.” ALSO READ: Time is ripe for Africa’s economic independence – experts Intra-African trade on the rise Mene noted that early signs of implementation were already producing results, with intra-African trade increasing significantly in recent years. “According to Afreximbank, intra-African trade increased by 12.4 per cent to over $220 billion in 2024,” he said. “The data is clear that we are moving in the right direction.” He argued that increasing trade volumes alone would not be enough until African economies shift toward value addition and industrial production. “This requires more investment in value-added production, more investment in agro-processing, and a significant shift away from over-reliance on primary commodities for exports,” he said. ALSO READ: Addressing non-tariff barriers key to accelerating intra-EAC trade - experts He stressed that small businesses, women, young entrepreneurs, informal traders, and farmers must be central beneficiaries of the continental free trade area. “The drivers of Africa’s economy must be central to AfCFTAimplementation,” Mene said. He pointed to Kenya’s tea exports to Ghana under AfCFTA arrangements as one example where smallholder farmers organised in cooperatives were already benefiting from the agreement. ALSO READ: Only financial independence will earn Africa respect Call for freer movement across Africa Mene also linked Africa’s economic transformation to the free movement of people across the continent, warning that restrictive visa systems continue to undermine integration. “A unified, integrated market cannot function effectively without greater mobility within our continent,” he said. ALSO READ: EAC pushes five-point plan to ease cross-border trade He criticised fragmented immigration systems and uneven implementation of free movement commitments among African states. “An integrated market without mobility of persons risks becoming a marketplace of lockdowns,” he said. Mene commended countries including Rwanda, Ghana, Nigeria, Kenya, and Togo for adopting visa-on-arrival policies for Africans and urged other countries to follow suit. ALSO READ: African Union moves to fast-track free movement across continent Digital economy and financial independence Beyond trade, Mene said Africa’s competitiveness would also depend on digital integration and financial independence. He highlighted initiatives such as the Pan-African Payment and Settlement System (PAPSS), which allows traders to transact in local currencies without relying on foreign currencies. “Today, a trader in Ethiopia can transact with a counterpart in Nigeria using the Ethiopian birr and the Nigerian naira without resorting to a third currency,” he said, adding that the system could reduce the cost of intra-African trade by more than $5 billion. He also underscored the importance of Africa developing its own digital infrastructure and governance systems. “A unified African digital market represents a major opportunity for Africa’s long-term economic transformation,” he said, adding that young Africans are already at the forefront of digital innovation across the continent. Mene warned that unless Africa advances its economic integration agenda, Pan-Africanism would remain symbolic. “If we do not advance on economic integration, our Pan-Africanism will remain nothing but a slogan,” he said.

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Economic freedom remains Africa’s unfinished struggle: AfCFTA boss