Africa can overcome its challenges | TheCable

Full text of a speech delivered at the 2023 Mandela Washington Summit at Jackson State University, USA.

The fragmented trade processes across African borders are affecting business growth because they escalate the costs of goods, making them unaffordable for both consumers and businesses.For instance, a US$150,000 invoice may incur an additional US$100,000 in transportation costs, severely exceeding market norms and adversely affecting both consumers and producers.

Key initiatives include the PAPSS, a cloud-based payment system enabling intra-African trade in local currencies. Last month, heads of state met in Nairobi, and framed out the flagship of free trade, demonstrating a commitment to unlocking Africa’s potential and fostering trade growth.

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