African market integration is a key driver for strengthening the continent's competitiveness and accelerating its economic transformation, Wamkele Mene, Secretary-General of the African Continental Free Trade Area (AfCFTA) Secretariat, said on Monday in Rabat during the 4th edition of the Africa Economic Symposium (AES).
Organized by the Policy Center for the New South (PCNS) under the theme "Transforming Transitions into Growth," the symposium highlighted the central role of the AfCFTA in building an integrated African market.
According to Mene, Africa now has the necessary tools to drive its economic development, provided it continues to reduce barriers to trade and investment, which are essential for achieving sustainable growth.
He noted, however, that the continent still faces significant economic fragmentation, reflected in the existence of multiple value chains, industrial policies, and payment systems. He also pointed out that Africa's 42 national currencies generate an estimated $5 billion in annual foreign exchange conversion costs.
Beyond macroeconomic reforms, Mene called for stronger productive capacities, faster industrialization, higher productivity, and greater export market diversification to support lasting structural transformation.
Highlighting the progress made under the AfCFTA, he referred to the Pan-African Payment and Settlement System (PAPSS), the AfCFTA Adjustment Fund, backed by more than $1 billion from Afreximbank, and the African Green Industrialization Initiative, which aims to mobilize $100 billion in investment.
The Secretary-General also said that intra-African trade is expected to reach nearly $220 billion in 2024, representing a 12.4% increase compared with the previous year, underscoring the growing momentum of continental trade.
Held over two days, the Africa Economic Symposium is exploring ways to transform Africa's natural resources into engines of development while supporting the continent's climate and energy transitions toward more resilient economic growth.
