AfCFTA's Wamkele Mene Advocates for Trade Capacity in Africa

Wamkele Mene, Secretary-General of the African Continental Free Trade Area (AfCFTA), addressed the necessity for Africa to strengthen its delivery capacity regarding payment systems, efficient borders, and infrastructure to support business benefits. During a fireside conversation at the Project Management Institute (PMI) Global Summit Series in Cape Town, alongside PMI’s Managing Director for Sub-Saharan Africa, George Asamani, Mene outlined the essential work required to transform continental trade commitments into accessible market opportunities.

Key priorities include aligning national policies, modernizing customs, and enabling cross-border payments in local currencies. Mene illustrated the challenges of fragmented markets through an example involving businesses in Ghana and Kenya, which often incur approximately US$5 billion annually in currency conversion costs.

He highlighted the Pan-African Payment and Settlement System (PAPSS), developed by Afreximbank in collaboration with the AfCFTA Secretariat, as a solution to facilitate local currency payments. Mene stressed that reducing friction in trade systems is crucial for making continental markets commercially viable.