A new report from UNECA titled “Existential priorities for the African Continental Free Trade Area” analyses the exogenous and endogenous threats to the effective and beneficial operation of the AfCFTA. The report tries to draw some lessons from the regional integration processes launched by Regional Economic Communities (RECs) in Africa, especially for what concerns the dismantling of the current barriers to the movement of persons and migration policies. It concludes that smaller groupings are those that move forward more easily, especially when their interests are aligned. The EAC, for instance, started with only three members (now seven, after the recent accession of the Democratic Republic of Congo), and was able to move forward rapidly, evolving from a free trade area to a customs union and is now in the process of consolidating its single market by removing any obstacle to the free movement of goods, services and persons.

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A joint report published by the International Finance Corporation (IFC) and the World Trade Organization (WTO) titled “Trade Finance in West Africa” examines the main obstacles to economic growth in four economies in West Africa, namely: Côte d'Ivoire, Ghana, Nigeria and Senegal. Despite all these countries have registered an increase in trade flows over the last decade, with more firms participating in cross-border commerce and exports, this growth is constrained by the high cost and limited supply by banks of financial solutions to support international trade. Between 2010 and 2020, the number of exporters rose by around 75 percent in Côte d’Ivoire and Senegal, while the number of importers doubled. However, raw materials still make up more than 70 percent of total exports in these countries, with a low participation in regional and global value chains.

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