11 - 13 Oct 2023


African countries can create $2.3 trillion economy by increasing trade – Songwe

African countries can grow the economy of the continent if they increase trade, Dr. Vera Songwe, the Executive Secretary of the United Nations Economic Commission for Africa (ECA) has said.

Dr. Songwe who was speaking at the opening of the Regional Trade Forum for West and Central Africa in the Senegalese capital, Dakar Monday June 24, 2019, noted that to create an economy of $2.3 trillion, African countries must increase trade by at least 50 per cent.

She pointed out that the countries must diversify their economies to create jobs and enterprises must be able to satisfy local consumption for a 1.2 billion market.

Citing Senegal, she asked why the country for instance imports maize from Brazil.

Dr. Songwe indicated further that considering the cotton industry for instance, African countries should be able to create internal value chains. via @ghanabusinessnews.com