Secretary-General of the African Continental Free Trade Area (AfCFTA) Secretariat, H.E. Wamkele Mene, has emphasized the need for Africa to strengthen its capacity to deliver payment systems, efficient borders, and infrastructure. This, he said, is crucial for businesses to benefit from the AfCFTA. Mene made these remarks at the Project Management Institute's Global Summit Series in Cape Town.
The AfCFTA aims to create a single, unified market for African countries, increasing economic integration and cooperation. However, Mene noted that the continent still faces significant challenges in delivering the necessary infrastructure and systems to support businesses. He stressed that stronger delivery capacity is essential to unlock the benefits of the AfCFTA and ensure that businesses can operate efficiently.
The Project Management Institute's Global Summit Series brought together project professionals to discuss the latest trends and best practices in project management. Mene's address highlighted the importance of effective project management in delivering the AfCFTA's objectives. The summit provided a platform for experts to share knowledge and experiences in managing complex projects.
In related news, the Bank of Ghana has maintained its policy rate at 14 percent, citing balanced risks to inflation and economic growth. The Monetary Policy Committee assessed the current economic situation and decided to keep the policy rate unchanged. This decision is expected to have implications for businesses operating in Ghana and across the region.
The Bank of Ghana is also set to launch a new series of banknotes in November, featuring enhanced security and durability features. The new 'Heritage Series' banknotes aim to strengthen currency integrity and improve cash management. This move is part of the central bank's efforts to modernize the country's financial infrastructure.
In other news, the Ghana Cocoa Board (COCOBOD) has increased the producer price of cocoa to GH¢42,400 per tonne for the 2026/27 crop season. This represents an increase from the previous season's price of GH¢41,392 per tonne. The price hike is expected to benefit cocoa farmers and impact the country's economy.
The call for stronger delivery capacity to unlock AfCFTA benefits comes as various initiatives are underway to enhance economic integration and cooperation across Africa. A regional action plan is being advanced to increase women's participation in maritime security leadership across the Gulf of Guinea. Additionally, efforts to expand digital payments and improve financial inclusion are underway, such as the partnership between Access Bank and Visa to launch contactless card payments.
Key points
- - Strengthening delivery capacity is crucial to unlock AfCFTA benefits for businesses. - Africa faces significant challenges in delivering necessary infrastructure and systems to support businesses. - The AfCFTA aims to create a single, unified market for African countries, increasing economic integration and cooperation.
