For the  African Continental Free Trade Area (AfCFTA) to be successfully implemented, existing financing methods must be reformed across the continent. This is the opinion of Julien Paluku, the Minister of Foreign Trade for the Democratic Republic of Congo (DRC). The official commented on the matter at the 10th Rebranding Africa Forum, held last week,  on October 17, 18, and 19. 

Paluku then urged regional development banks to change their financial tools to better meet Africans’ needs, stressing the importance of "tropicalizing" procedures. He believes these adjustments are crucial for addressing local economic challenges and supporting the AfCFTA more efficiently.

The Congolese minister also mentioned that establishing rules of origin important for determining which goods qualify for trade agreements is a concern for many countries. "These rules must be harmonized to facilitate trade between African nations without creating market distortions," he said. He noted that the DRC has already started aligning its commitments underAfCFTA and is a member of several regional economic communities, including ECCAS and SADC.

According to other speakers present at the forum, besides financing other challenges hampering the AfCFTA include the free movement of goods and people and the lack of coordination between private banks and governments, which limits banks' ability to finance trade within Africa.

While acknowledging these challenges, Julien Paluku insisted that the AfCFTA's success relies on effective industrialization and financing methods that take into account local contexts. He asked African development banks and governments to commit more resources to overcome current obstacles and leverage the AfCFTA as a true driver for Africa’s development.

GAB in Brussels