AfCFTA could lift 40 million Africans out of poverty by 2035, World Bank says
via GhanaWeb1 min read
The World Bank projects that the African Continental Free Trade Area AfCFTA could significantly boost Africa's economy, increasing real incomes by 7 to 9% and potentially lifting 40 million people out of extreme poverty by 2035. Launched in January 2021 by African Union member states, the AfCFTA aims to establish a single market for goods and services across the continent. However, the World Bank's April 2026 Africa Economic Update indicates that the agreement's full benefits have not yet been realized. The report emphasizes that unlocking these gains requires strong leadership from key countries, effective monitoring, and strict enforcement of trade commitments, alongside investments in shared infrastructure and regional systems. The Bank identified poor transport and logistics, inefficient customs, limited digitalization, high domestic finance and trade costs, and non-tariff barriers like selective export bans as major challenges. The report recommends that the next phase of the agreement focus on investment rules, intellectual property, competition policy, and increasing the participation of women and young people in trade. Despite its potential, the World Bank cautions that progress will likely be gradual due to high investment costs and the need for deep institutional and regulatory reforms. The report concludes that achieving the AfCFTA's full impact depends on sustained commitment and practical implementation by member states.
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This summary was AI-generated from a story originally published by GhanaWeb.
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