TOP African Chief Executive Officers (CEOs) have called for putting resources together in order to create an African Continental Free Trade Area (CFTA).

The CEOs shared their insights in the just ended Africa CEO Forum in Kigali, Rwanda, saying that unity, cooperation and economic integration between African countries are the way to go for the continent that is seeking to improve its economy.

They voiced the sentiments in a ’CEO Talk’ session that hosted four top African CEOs – Mr Tewolde GebreMariam, CEO of Ethiopian Airlines, Ms Diane Karusisi, the CEO of Bank of Kigali; Mr Tony Attah, the CEO of Nigeria LNG and Mr Antonio Nunes, the CEO of Angola Cables.

Ms Karusisi said that it was important to speak with one voice and that the CFTA demonstrates how Africa is coming together as a continent, at a time when other continents are finding other ways to develop themselves.

“The CFTA is changing the narrative because people are looking at Africa as a bloc,where everyone needs a share of what they can do on the continent.

So we have here the opportunity to say we are a united bloc and these are our terms, this is how we want it,” Ms Karusisi was quoted as saying in a conference report delivered after the forum and made available to the ‘Daily News’.

The CEO of the first Rwandan bank commended the forum for raising awareness in people around the implementation of the CFTA and the intra-growth of trade and investment.

Voted into existence by 52 African countries, the CFTA sets out to be a powerful tool for fostering growth, employment and industrialisation. It will also allow companies to benefit from economies of scale and new geographical expansion opportunities.

However, the debate currently focuses mainly on trade-related issues, but not enough on the underlying reasons for the low level of intra-African trade that is less than 20 per cent, such as inadequate infrastructure and the lack of differentiation between national economies.

During the talk, Mr GebreMariam remarked how CFTA helped the international airline redefine its strategies in regards to the continent.

“For the Ethiopian Airlines, Africa has always been our base, but we’ve done more in terms of connecting Africa with the rest of the world. We have 60 destinations in Africa and 60 more destinations outside of Africa.

So, with the CFTA advancing, we are restructuring our strategy to focus more on connecting Africa within itself,” Mr GebreMariam was quoted as saying.

He highlighted how the advancement of CFTA placed the Single African Air Transport Market (SAATM) and open sky policy in a better position to be fully implemented on the continent.

The CEO of Angola Cables, Mr Nunes, showcased how technology would come into play in the CFTA through creation of a hub of technology that will focus on efficiently serving Africans that would mean better resources, hence better trade.

The four CEOs conclusively agreed that Africa needs to step up and work together towards the implementation of the CFTA, towards a better business prospective.

Source: Daily News

Disclaimer: The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of TradeMark Africa.