AfCFTA Key Facts - Creating one Africa market
Key Findings per World Bank Report
The African Continental Free Trade Agreement represents a major opportunity for countries to boost growth, reduce poverty, and broaden economic inclusion.
Implementing AfCFTA would:
Lift 30 million Africans out of extreme poverty and boost the incomes of nearly 68 million others who live on less than $5.50 a day;
Boost Africa’s income by $450 billion by 2035 (a gain of 7%) while adding $76 billion to the income of the rest of the world.;
Increase Africa’s exports by $560 billion, mostly in manufacturing;
Spur larger wage gains for women (10.5 %) than for men (9.9%);
Boost wages for both skilled and unskilled workers—10.3% for unskilled workers, and 9.8% for skilled workers;
Of the $450 billion in income gains from AfCFTA, $292 billion would come from stronger trade facilitation—measures to reduce red tape and simplify customs procedures;
Tariff liberalisation is important, but by itself it would boost the continent’s income by just 0.2 %.
The AfCFTA sends a strong signal to the international investor community that Africa is open for business, based on a single rule-book for trade and investment.
H.E. WAMKELE MENE
Secretary General, AfCFTA Secretariat