Morocco’s Central Bank Gov. Stresses Need for Africa’s Inclusive Economic Integration

23 May 2024
Morocco’s Central Bank Gov. Stresses Need for Africa’s Inclusive Economic Integration

Morocco’s Central Bank Governor Abdellatif Jouahri stressed, Wednesday in Dakhla, the importance of an inclusive economic integration for Africa to achieve the expected prosperity.

This economic integration should be mutually beneficial and should not be to the detriment of the most vulnerable countries and populations, said Jouahri at the opening of the 5th “International Microeconomic and Finance Days” (JIMF), which runs until May 24 in Dakhla, under the theme “Economic integration in Africa: The path to a more prosperous future”.

The Bank Al-Maghrib governor added that African countries are well aware of the benefits of integration, noting that numerous initiatives have been launched in this direction, leading notably to the creation of Regional Economic Communities.

He recalled the launch of the African Continental Free Trade Area (AfCFTA), noting that this agreement represents a glimmer of hope in terms of its potential spin-offs. Indeed, the various assessments of its impact, while largely approximate, point to substantial gains.

Jouahri also pointed out that simulations carried out by the International Monetary Fund (IMF) indicate that the establishment of this area, if backed by trade-facilitating reforms, could increase Africa’s median trade with the rest of the world by 15%, and with African countries by 53%, which would contribute to an increase in median GDP per capita of over 10%.

Source: map

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