In May this year (2019), the International Monetary Fund (IMF) warned that African countries could face revenue shortfalls if the continent starts the implementation of the African Continental Free Trade Agreement (CFTA) as planned.
The IMF maintained that, although the agreement will boost trade on the continent, it will negatively affect earnings and employment opportunities in some sectors of the member countries’ economy.
In a quick rebuttal, President Paul Kagame has urged his colleague African leaders to stay focus in the implementation of the policy since that will be in the positive interest of the African continent and the African people.
“It is important that Africa gives the necessary considerations to the views and opinions by external entities and ‘development partners’, it is also more important at the same time that Africa become aware of what we want for ourselves, pursue what is good for the continent, and defend what is necessary for our collective development.” He noted that a lot of considerations went into the African Continental Free Trade Agreement before it was agreed upon by member state.
Mr Kagame made these expressions on Friday at a tri-partite meeting attended by himself, President João Lourenço of Angola, and their DR Congo counterpart and host Felix-Antoine Tshisekedi on the side-lines of his father’s national mourning ceremony in DR Congo capital Kinshasa.
After Kagame’s strong opposition to IMF’s determinations to undermine the implementation African Continental Free Trade, African leaders finally came together to sign the free trade agreement. By July this years, 54 states have signed the pack, making it the largest free trade area in the world.