Africa could develop if the continent implements a regional integration right. Africa Development Bank President, Akinwumi Adesina made the remarks at the opening of the 54th annual meetings for the bank.
“If we get our integration right, Africa will be more competitive, will be able to create a massive amount of jobs and, more importantly, Africa can develop in dignity and confidence,” Adesina said. Adesina said the AfCFTA would constitute the world’s largest free trade area, consolidating an integrated market of 1.3 billion consumers with a combined gross domestic product (GDP) of about $3.4 trillion.
Bringing the matter home, Malawi is skeptic about primary integration strategies like the tripartite free trade area (TFTA). Former Minister of Industry, Trade and Tourism , Francis Kasaila, said that Malawi is still consulting and will only ratify after consultations are concluded. With Malawi already struggling in its exports, one would think that the TFTA would promote the imports and exports sector, but the responsible authorities are still looking into whether or not to join the TFTA.