Abidjan, 25 May 2022 – At the Davos Economic Forum, held in Geneva, Switzerland, from 22 to 26 May 2022, Patrick Achi, emphasized the immense market potential of Africa with the implementation of the African Continental Free Trade Area (AfCFTA). Speaking on Monday, 23 May 2022, at a panel dedicated to the AfCFTA, Patrick Achi highlighted the trade agreement as a significant driver for economic growth and prosperity across the continent.
Representing President Alassane Ouattara at the forum, Patrick Achi joined prominent figures including Presidents Paul Kagame of Rwanda, Emmerson Dambudzo Mnangagwa of Zimbabwe, Patrice Motsepe of the Confederation of African Football (CAF), and Gianni Infantino of FIFA. The panel discussion, titled "How can the African Continental Free Trade Area (AfCFTA), which was created in 2012, help Africa to emerge today?" delved into how the AfCFTA can fuel Africa's rise on the global stage. According to the Prime Minister, the AfCFTA offers unparalleled opportunities for Africa. It facilitates access to essential products, goods, and services, and aims to create jobs while invigorating African economies.
"The AfCFTA is a huge market with enormous potential and wealth. It will stimulate intra-African trade and with it the continent’s growth. Africa will then gain in prosperity," Patrick Achi explained, receiving enthusiastic applause from the audience.
He stressed that free trade in Africa brings advantages across multiple sectors. Using transport as an example, Patrick Achi noted that the full implementation of the AfCFTA would significantly boost traffic flows across road, rail, sea, and air transport networks. This increase in trade would also create a growing need for infrastructure and equipment to support the demand.
However, for the AfCFTA to truly benefit Africa, Achi argued, the continent must not only focus on increasing production through the mechanization of agriculture, improved fertilizers, and seed selection, but must also prioritize processing these raw materials locally. According to Achi, this is Africa's real challenge. "Processing raw materials is key to reducing the continent's massive workforce while ensuring a stable income for the public sector," he said.
Achi shared the example of Côte d'Ivoire’s cocoa industry, where unprocessed cocoa is a significant drain on national resources and the livelihood of farmers. Despite a value chain worth $105 billion (53,000 billion FCFA), only $5 billion goes to those working the land and cultivating cocoa.
The Prime Minister remains confident, however, that Africa’s youth will lead the charge towards economic development. "Africa's youth is dynamic and courageous. They have energy they want to channel towards the continent’s development. Let’s create work opportunities for them, and they will be fulfilled and beneficial to our continent. If we fail to meet this challenge, they will create problems for Africa," he warned.
He concluded by stating that Africa is currently safeguarding jobs, generating wealth, and laying the groundwork for crucial investments in sectors such as health, education, and infrastructure.