- Post by Admin on sunday, March 05, 2015
Access to information across African economies, which has been hindered by the fragmented nature of the respective markets, is currently threatening a $400 billion intra-Africa trade potential. Africa Export-Import Bank (Afreximbank) said the present transactions value at $170 billion remained their due to wide gap in market information, which now needs to be closed to foster accelerated trade integration.
Meanwhile, the size of intra-African trade could be doubled from the current level of about $170 billion per year to almost $400 billion by addressing the issue of availability of market information on the continent.
In a note at the weekend, the President of Afreximbank, Dr. Benedict Oramah, while meeting with the Advisory Group on Trade Finance and Export Development in Africa, said the potential is high to reach the $400 billion mark.
He added that lack of knowledge of the continent and limited access to trade information among African businesses constituted major constraints to cross-border trade.