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The fifth of the series (ARIA/V) has come at a time of renewed enthusiasm for shortening the period of the vision of the Abuja Treaty. Its overall objective is to provide an analytical research publication that defines frameworks for African Governments, the African Union and the Regional Economic Communities, towards accelerating the establishment of the African Common Market through: the speedy removal of all tariff and non-tariff barriers, obstacles to free movement of people, investments and factors of production in general across Africa, and through fast-tracking the creation of an African continental Free Trade Area
" Assessing the potential benefits and risks of a currency union Leaders of the fifteen-member Economic Community of West African States (ECOWAS) have set a goal of achieving a monetary and currency union by late 2020. Although some progress has been made toward achieving this ambitious goal, major challenges remain if the region is to realize the necessary macroeconomic convergence and establish the required institutional framework in a relatively short period of time. The proposed union offers many potential benefits, especially for countries with historically high inflation rates and weak central banks. But, as implementation of the euro over the past two decades has shown, folding multiple currencies, representing disparate economies, into a common union comes with significant costs, along with operational challenges and transitional risks. All these potential negatives must be considered carefully by ECOWAS leaders seeking tomeet a self-imposed deadline. This book, by two leading experts on economics and Africa, makes a significant analytical contribution to the debates now under way about how ECOWAS could achieve and manage its currency union, andthe ramifications for the African continent. "
This book examines the past, present and prospects of regional economic integration in Africa. The empirical analysis ranges from unions formed during the years following independence, to the proposed African Continental Free Trade Area (AfCFTA), which aims to remove trade barriers between all 55 African states. In addition, the book explores to what extent Africa’s Regional Economic Communities (RECs) have advanced in accordance with a linear integration model of goods, labor and capital markets. The book subsequently evaluates the suitability of the European model of deep integration with costly institutions for the conditions specific to Africa, considering, for example, the role of informal and non-recorded trade. Stylized cases of regional division of labour with increasing returns and imperfect competition are introduced to support the economic integration logic. Past and current economic policies in Africa are scrutinized to answer the question: how can African regions best foster new manufacturing industries and value chains across the continent? In conclusion, the book outlines content and processes of Common Industrial Policy in the African regions. The book also addresses the controversial issue of international trade agreements between developing countries and the European Union or the USA and investigates whether these agreements impede or promote economic development in Africa. The book includes a detailed roadmap describing how to improve key clauses of agreements for economic partnership in the interest of African countries. In closing, it outlines a new vision of joint sustainable development for Africa and Europe.
Signed by 52 African countries, the African Continental Free Trade Area (AfCFTA) is, by the number of participating countries, the largest trade agreement since the formation of the WTO. This report recognizes that it is not enough for the AfCFTA to be merely negotiated, concluded and ratified. It must also change lives, reduce poverty and contribute to economic development. For this, the AfCFTA must be effectively operationalized, but also supported with complementary measures that leverage it as a vehicle for economic development. Among the most important of the next steps is the phase II negotiations scheduled to commence on intellectual property rights, investment and competition policy in late 2019.
This publication examines progress towards regional integration in Africa; defined as one of the anchoring ideals of African unity and the basis for the New Partnership for Africa's Development (NEPAD) development framework. The report analyses the current state of the integration process, highlighting where efforts have succeeded or failed. Findings include that progress has been mixed across sectors, regional economic communities and member states; with some notable progress in trade, communications, transport and macroeconomic policy. Overall however, substantial gaps remain between goals and achievements of most regional economic communities, particularly in terms of internal African trade, macroeconomic policy convergence, production and physical connectivity. A summary report is also available (ISBN 9211250927)
This volume brings together experts from different world regions. It presents various experiences with building indicator systems for monitoring the implementation of regional economic integration policies such as preferential trade areas, common markets or economic and monetary unions. The volume discusses both the technical and governance aspects of such systems, and best practices. The regional experiences that are covered include: the European Union, Eurasia, ASEAN, the East African Community (EAC), COMESA, CARICOM, the African-Caribbean-Pacific Group, and the Americas. In addition, various chapters discuss cross-cutting methodological challenges related to trade-related indicators.
In Regional Integration in Africa: What Role for South Africa, Henri Bah, Siphamandla Zondi and André Mbata Mangu reflect on African integration. Despite some progress made, Africa is lagging behind and South Africa has not played a major role.
Informal cross-border trade (ICBT) represents a prominent phenomenon in Africa. Several studies suggest that for certain products and countries, the value of informal trade may meet or even exceed the value of formal trade. This paper provides a review of existing efforts to measure informal trade. We list 18 initiatives aimed at measuring ICBT in Africa. The paper also summarizes discussions conducted with many stakeholders in Africa between December 2016 and May 2018 regarding the measurement, the determinants, and the implications of ICBT. The methodologies used to measure ICBT in Africa differ widely, but they do confirm that informal trade in Africa is both sizeable and volatile. Both evidence on the determinants of ICBT and discussions with stakeholders suggest that policies should aim to reduce the existing costs associated with formal trade and provide positive incentives for traders and producers to move into the formal economy in order to avoid the loss of economic potential stemming from informal trade.
This book examines how the existence of overlapping regional institutions has presented a daunting challenge to the workings of various Regional Economic Communities (RECs) on the African continent. The majority of the African countries are members of overlapping and, sometimes, contradictory RECs. For instance, in East Africa, while Kenya and Uganda are both members of EAC and COMESA, Tanzania, which is also a member of the EAC, left COMESA in 2001 to join SADC. In West Africa, while all former French colonies belong to ECOWAS, they simultaneously keep membership of UEMOA, an organization which is not recognized by the African Union (AU). Such multiple and confusing memberships create unnecessary duplication and dims the light on what ought to be priority. Various chapters in this book have therefore sought to identify and proffer solutions to related challenges confronting the workings of the RECs in different sub-regions of the African continent. The discourses range from security to the stock exchange, identity integration, development framework, labour movement and cross-border relations. The pattern adopted in the book involves devolution of related discussions from the general to the specific; that is, from the continental level to sub-regional case studies.
In the wake of the global financial crisis, there has been a worldwide search for alternative investment opportunities, away from advanced markets. The African continent is now one of the fastest-growing economic regions in the world and represents a viable destination for foreign direct and portfolio investment. This book, which is the first comprehensive analysis of financial integration and regulation in Africa, fills a huge gap in the literature on financial regulation and would constitute an invaluable source of information to policy makers, investors, researchers and students of financial regulation from an emerging and frontier markets perspective. It considers how financial integration can facilitate African financial markets to achieve their full potential and provides a comparative study with the EU framework for financial integration and regulation. It assesses the implementation of effective and regional domestic infrastructures and how these can be adapted to suit the African context. The book also provides an assessment of government policies towards the integration of financial regulation in keeping with the regional agenda of the African Union (AU) and the African Economic Community (AEC).