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The 55-Member Pan-African bloc shoves Continental Integration to navigate Africa’s Economic rehab
Posted On 17 Jul 2021
By Abdul Rahman Bangura–
Great Africa
Photo Credit: AU
NEW AFRICA BUSINESS NEWS (NABN) Freetown, Sierra Leone- The Nobel Coronavirus (COVID-19) pandemic has plummeted Africa into its prime recession in 25 years, the African Union (AU) Thursday underscored the desire to discourse challenges of African integration to expedite the economic convalescence of the African landmass.
The 55-member pan-African bloc, since July 7, has been commemorating Africa Integration Day under the theme, “The Role of Continental Integration in Accelerating African Economic Recovery from the COVID-19 Pandemic”, according to an AU statement on.
The statement said, the total loss of Africa’s GDP is calculated at between $145 and $190 billion with worrying predictions that 39 million more people could be hoisted into radical poverty if serious and purposed criteria are not obtained to deal with the socioeconomic hardships influenced by the pandemic.
The announcement referred Ugandan President Yoweri Museveni, who is also Champion of Regional Integration, as he yelled for actions to secure the continental market integration of the 55 micro-markets to trade under the common market of the African Continental Free Trade Area (AfCFTA).
The AfCFTA was inaugurated in January 2021, with a perspective to give rise to regional integration a tool for growth and reposition Africa in the international environment by redefining its trend of insertion in international trade.
Moussa Faki Mahamat – Chairperson of AU Commission, emphasized the necessity to quicken the enactment of Agenda 2063 projects in the areas of agriculture, infrastructure, energy, industry and services.
“Making AfCFTA a Production Community will ultimately enable us to accelerate economic growth and ensure our food, industrial and medical sovereignty to meet the emerging challenges on the horizon,” he spoke.
“With economic integration, we (Africa) will be better placed to overcome the negative effects of the pandemic,” stated Albert Muchanga, AU Commissioner for Economic Development, Trade, Industry and Mining.
For New Africa Business News (NABN) Abdul Rahman Bangura Reports, Africa Correspondent
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Continental integration would take care of the deficit. Great report. Kenny in Nairobi KENYA
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This Nobel Coronavirus (COVID-19) pandemic from China is causing all these economic problems for Africa. We would be ok. David in Accra GHANA
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