BANYO TEMITAYO
DIRECTOR-GENERAL, World Trade Organisation, Ngozi Okonjo-Iweala, has called on African leaders to explore increased cooperation in order to achieve the goals of the African Free Trade Continental Agreement.
This, she said, was necessary for the post pandemic development of Africa.
She shared the views of Rwandan President, Paul Kagame, who also spoke at the 3rd annual UBA Africa Day Conversation, held virtually, on Tuesday.
Director-General, World Health Organisation, Tedros Adhanom Ghebreyesus; Managing Director, International Finance Corporation, Makhtar Sop Diop, were among other global leaders who xrayed critical issues relating to free movement of goods, services and people across African countries as a key prerequisite for the success of AfCFTA.
But to make this work, there must be political Will on the part of African leaders, they opined.
Group Chairman, UBA, Tony Elumelu, moderated the conversation, which had the theme, “Bringing Africa to the World”.
Okonjo-Iweala advocated additional fiscal stimulus, economic diversification, provision of liquidity and credit to the private sector, as well as successful implementation of the AfCFTA.
The WTO DG said, “In the short term, on the economic side, is to see how we can get more fiscal stimulus into our economy. That is why it is important the whole discussion we are having on restructuring debt and giving African economy space, fiscal space to breathe so that they can invest, not only on the health side but also on the economy side. This is how we are going to recover.
“Now the good news is that all our Presidents, like President Kagame, have been pushing for issuance of SDR, the Special Drawing Right at the International Monetary Fund (IMF) and 650 billion has now been agreed, Africa will get 34 billion but more may be allocated. We can use this to help implement more fiscal stimulus so that our economies can have the ability to recover.”
She added, “In the longer term or in the medium term, of course we know that we have to diversify our economy. We are too vulnerable to movement in commodity prices.
“And of course, take advantage of the AfCFTA to specialise some countries in production, trade more with each other and also trade more with the outside.”
