Addis Ababa: Director of the Center for Governance, and Intra-Africa Trade Studies (CGIATS), Dr. Seife Tadesse discussed the critical issues hindering Africa’s economic progress. He noted that Africa’s economic reality has been shaped by external forces, leaving countries in a state of dependency. Referring to the 1994 Abuja Treaty, which outlined a multi-stage plan for economic integration, Seife lamented that the creation of a unified African currency and central government has not been realized due to a lack of political commitment. Africa must push for a single currency and deeper economic integration to ensure greater bargaining power on the global stage, he urged.
According to Ethiopian News Agency, Dr. Thomas Bwire, a Senior Economist at COMESA, provided insight into the diversity of Africa’s economic landscapes, emphasizing that each country must leverage its unique natural resources to develop tailored growth strategies. He stressed that African nations must learn from one another to develop their own paths to progress, with a focus on countries like Ethiopia that have made significant strides.
Professor Ferdinand Ahiakpor from Cape Coast University in Ghana also discussed the challenges African economies face, particularly due to the global impacts. Despite these setbacks, Ahiakpor noted positive signs of recovery across the continent. While the pace of recovery varies, African economies are showing resilience, he said. He highlighted that nations with stronger economic foundations are recovering faster, emphasizing the importance of collective action through frameworks like AfCFTA. When African countries collaborate, they strengthen the region as a whole, Ahiakpor added, urging nations to avoid isolation.
According to the experts, Africa’s future depends on deeper regional integration, collaborative trade, and the adoption of tailored economic models that leverage the unique strengths of each country.