Africa’s intra-continental trade reached a record $220 billion in 2024, marking a 12.5 per cent increase from the previous year, as the African Continental Free Trade Area (AfCFTA) gains momentum despite growing global economic uncertainty.
Secretary-General of the AfCFTA Secretariat, Wamkele Mene, announced the milestone on Monday during the opening of Biashara Afrika 2026 in Lomé, describing the progress as proof that Africa’s long-envisioned economic integration agenda is becoming a reality.
Addressing government officials, business leaders, and development partners, Mr Mene said the continent was steadily moving from ambition to implementation under the free trade agreement.
“What was once viewed largely as an ambitious continental vision is steadily becoming operational reality,” he said.
According to him, 50 African countries have now ratified the AfCFTA agreement, demonstrating what he described as unprecedented political commitment by African leaders toward economic integration.
He revealed that 26 member states are currently trading under AfCFTA preferential rules, with businesses increasingly taking advantage of the continental market.
Mr Mene said projections by African Export-Import Bank indicate that intra-African trade could rise further to $230 billion by 2027.
He attributed the growth to increasing confidence among businesses, expanding regional trade networks, and reforms aimed at reducing barriers to cross-border commerce.
The AfCFTA Secretary-General noted that the growing issuance of certificates of origin and progress in negotiations on rules of origin—particularly in the automotive sector—were helping to create stronger regional value chains and boost industrialisation.
He urged global automobile manufacturers to increase investment in Africa’s manufacturing sector.
“We are now seeing growing evidence that trade under the AfCFTA is taking place,” he stated.
Mr Mene also highlighted progress in trade facilitation through initiatives such as the Pan-African Payment and Settlement System (PAPSS), which allows businesses to trade using local currencies while reducing transaction costs.
He said digital tools such as the e-Tariff Book, online reporting mechanisms for non-tariff barriers, and an upcoming electronic certificate of origin system would further simplify trade across the continent.
He also praised Afreximbank for capitalising the AfCFTA Adjustment Fund with an initial $1 billion, aimed at supporting implementation efforts, particularly for private businesses.
Despite the gains, Mr Mene acknowledged persistent challenges, including poor infrastructure, high logistics costs, border bottlenecks, limited productive capacity, and inadequate trade financing.
He said many small and medium-sized enterprises continue to struggle with access to affordable credit and regulatory requirements.
The AfCFTA Secretary-General stressed that private sector participation remains critical to the success of the agreement.
“Governments develop the appropriate regulatory environment, but businesses make trade happen,” he said.
He said initiatives such as Biashara Afrika, the Intra-African Trade Fair, and private sector dialogues were designed to support entrepreneurs, women-led businesses, and young innovators.
Mr Mene also warned that rising global protectionism, geopolitical tensions, and weakening multilateral trade systems were increasing pressure on African economies.
He said those challenges should push African countries to reduce dependence on external markets and accelerate efforts toward economic self-reliance.
“These external shocks make the AfCFTA even more necessary as Africa seeks industrialisation, resilience, and economic sovereignty,” he said.
The Biashara Afrika forum brought together policymakers, investors, and business leaders from across Africa and beyond to discuss opportunities under the continent’s flagship trade agreement.