Story by Owen Mandovha
ZIMBABWE has rallied African countries to expedite the implementation of the African Continental Free Trade Area(AfCFTA) as a step towards industrialisation.
The Minister of Finance, Economic Development and Investment Promotion, Professor Mthuli Ncube, speaking as the Outgoing Chairperson of the Bureau, at the 57th session of the Conference of African Ministers of Finance being held under the auspices of the United Nations Economic Commission For Africa (UNECA) in Addis Ababa, Ethiopia, reflected on the urgent need to fast track the continent’s industrialisation to satisfy its economic needs.
“It is essential that the continent moves with speed to industrialise and the conference looked at how special economic zones are essential in driving economic growth while raising the need to urgently implement and operationalise the AfCTA to grow intra-African trade as a way of creating jobs and raise incomes,” Professor Ncube said.
There was a general consensus that Africa should play catch up in Artificial Intelligence(AI) and cryptocurrency adoption so as to be competitive.
“Developed countries are way ahead in the adoption of cryptocurrencies and AI as a key enabler to economic growth and development in the digital era. In some instances the United States is looking at ways to adopt crypto as a reserve currency, we have to move with speed as a continent,” he said
The 57th Session of this year’s conference is being held under the theme” Advancing the Implementation of the Agreement, Establishing the African Continental Free Trade Area: Proposing Strategic Transformative Actions”.
