Intra Africa Trade to Generate U.S.$200 Billion Annually

Filed under: Business |
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Africa has a low rate of internal trade

President of the Pan African Parliament Bethel Amadi has said the economic integration of Africa will improve its economic prosperity as mere two percent intra trades among Africans could generate as much as $200 billion annually.

He said yesterday in Abuja that the parliament is doing everything within its powers to ensure that Africa is integrated economically as this will have a spiral effect on the economies of the 54 countries in the continent.

He said: “Once we make available a blueprint of the proposed economic integration of the continent to the assembly of heads of states and approval is given we will set the ball rolling to better the lot of Africans.

“Once there is a legal framework in this direction, the issue of unnecessary and heavy taxation as being experienced in Ghana by Nigerian businessmen will be a thing of the past. The continental body will ensure that such continental laws must be domesticated by member states of African Union and erring states will be adequately sanctioned.

“Some countries have more trade advantage and without proper collective bargaining on behalf of member states it may not augur well for weaker countries.”

He also said the face-off between Nigeria and Ghana over excessive taxation on Nigerian investors in Ghana is being looked into, saying, “I believe the ECOWAS is looking into it but a strong legislative framework could have solved the imbroglio.”