Scholar says Common African Market Crucial for Development of Africa

January 29/2022/ENA Africans need to work together to utilize their potential resources and make Africa a developed continent, a scholar noted.

Kotebe Metropolitan University lecturer, Almaw Kifle told ENA that Africa is a continent with diverse human and natural resources that could be harnessed to bring about inclusive growth and eradicate poverty.

With the world’s largest free trade area and a 1.3 billion-person market, the continent can  create  an entirely new development path by harnessing potential resources and people.

The lecturer stated that said “if we are to expand and develop this wealth, we should be able to operate without passport and trade in same currency.”

In the United States of America, for example, 54 states trade in the same currency. The same is true of Europe. Africans had also the opportunity to do this, but did not take advantage of it, Almaw elaborated.

“We have lost our great wealth, people-to-people relations, market linkages, political ties and so on. ... (Yet) if we make use of our resources in harmony, we would be making great strides. We must wake up today!”

The aim of the AU is indeed to promote continental economic integration and socio-economic development through shared political and economic institutions and the planned creation of a common African market.

Other key AU goals include greater political and economic unity, peace and security, and stability within Africa; advocacy of common African positions in international forums; strengthened democratic governance and rule of law; respect for human rights; and gender equality and social justice, among others.

Commenting on the decision of AU to hold the 40th AU Heads of State and Government Summit, the scholar said as Ethiopia is the leader and founder of the African struggle it is a great achievement that the meeting is being held here at a time when some Western countries are putting pressure on Ethiopia.

This also shows the strength of the leadership and is a great achievement for black people.

Ethiopia has finalized preparations to welcome African ministers and leaders to attend the AU Summit that is going to be the first physically held meeting after the series of virtual summits in the past years.