Africa Urged to Fast-Track Trade, Finance Reforms

Rutendo Mazhindu- Zim Now Reporter

Finance and Economic Development Minister Professor Mthuli Ncube has called on African economies to speed up regional integration and implement bold reforms to strengthen intra-African trade, as the continent faces rising global economic uncertainties.

Addressing the 57th Session of the Conference of African Ministers of Finance, Planning, and Economic Development in Addis Ababa, Ethiopia, Prof Ncube said Africa stands at a strategic crossroads, with shifting geopolitical dynamics and increasing trade protectionism posing significant risks.

“Africa must accelerate its regional integration agenda to protect its economic interests,” he said, highlighting the African Continental Free Trade Areaas key to boosting economic resilience, reducing reliance on external markets, and driving industrialisation.

Despite AfCFTA’s potential to increase intra-African trade by 45 percent by 2045, progress remains sluggish due to infrastructure gaps, structural barriers, and limited trade finance access. Prof Ncube urged the removal of trade barriers, regulatory harmonisation, and innovative financing solutions.

He emphasised the continent’s chance to push for reforms within the global financial system under South Africa’s G20 presidency, advocating for equitable finance access, debt sustainability, and stronger action against illicit financial flows.

Additionally, Prof Ncube called for prioritising green industrialisation and climate-smart trade, urging African nations to lead in renewable energy, carbon markets, and sustainable supply chains.

“The global trade system is evolving rapidly. Africa must act decisively to harness its economic potential,” he said, expressing hope that the conference's resolutions would yield concrete policy shifts to drive industrialisation, trade, and diversification.