Africa’s Integration: People and Market Access Over Policies Alone

Introduction

Africa’s economic integration has long been framed in terms of policy frameworks and trade agreements, but a leading voice from the Bank of Ghana is challenging this narrow view. The Second Deputy Governor of the Bank of Ghana, Matilda Asante Asiedu, has emphasized that true integration must center on people and their ability to access markets across borders. Speaking at the 2026 Africa Prosperity Dialogue, she highlighted that the success of the African Continental Free Trade Area (AfCFTA) depends on practical, people-centered solutions rather than just policy declarations. This perspective shifts the focus from abstract agreements to tangible impacts on innovators, traders, and small businesses throughout the continent.

Key Points

Background

The African Continental Free Trade Area (AfCFTA), launched in 2018, represents one of the world’s largest free trade areas by number of countries involved. Its goal is to create a single market for goods and services across Africa, facilitating the movement of capital and people. However, despite the ambitious policy framework, the real-world impact on everyday Africans—especially small and medium-sized enterprises (SMEs), women, and youth—has been limited. High transaction costs, slow settlement times, and fragmented payment systems continue to hinder cross-border trade. Recognizing these challenges, policymakers and financial leaders are now calling for a shift in focus from policy to practical, people-centered integration.

Analysis

The Human Face of Integration

Deputy Governor Asante Asiedu’s remarks underscore a crucial insight: Africa’s integration is not an abstract policy exercise but a process that directly affects people’s lives. Whether it’s a young innovator in Accra, a woman trader in Kisangani, or a small enterprise in Lusaka, the ability to access markets across borders with confidence and efficiency is what truly matters. This perspective reframes integration as a means to empower individuals and businesses, rather than merely a bureaucratic or diplomatic achievement.

Payment Systems as Strategic Infrastructure

A key enabler of effective integration, according to Asante Asiedu, is the development of efficient, affordable, and reliable payment systems. Currently, cross-border payments in Africa are costly, slow, and fragmented. Transaction costs can range from 7% to 10%, compared to a global average of about 3%. Settlement times can take days or even weeks, creating significant barriers for SMEs and investors. Without robust payment infrastructure, even the best trade agreements cannot translate into real economic activity.

The Challenge for SMEs and Entrepreneurs

Small and medium-sized enterprises are the backbone of Africa’s economy, yet they are often the most affected by high transaction costs and slow settlement times. These challenges limit their ability to compete in regional and global markets, stifling innovation and growth. Addressing these issues is not just about removing obstacles; it also presents an opportunity to create new markets, foster financial inclusion, and empower entrepreneurs across the continent.

Inclusivity and Practical Solutions

For integration to be meaningful, it must be inclusive. This means ensuring that economic opportunities are accessible to all, especially marginalized groups such as youth, women, and small enterprises. Practical solutions—such as digital payment platforms, streamlined customs procedures, and targeted support for underrepresented groups—are essential to making integration work for everyone.

Practical Advice

– **For Policymakers**: Prioritize the development of affordable, efficient, and secure cross-border payment systems as a foundation for integration.
– **For SMEs and Entrepreneurs**: Explore digital payment solutions and platforms that facilitate cross-border transactions, and advocate for policies that reduce transaction costs.
– **For Women and Youth**: Seek out initiatives and programs that provide training, resources, and support for accessing regional markets.
– **For All Stakeholders**: Engage in dialogue with regulators and financial institutions to address barriers to cross-border trade and promote inclusive growth.

FAQ

Conclusion

Africa’s integration is at a crossroads. While ambitious policies like the AfCFTA lay the groundwork, the true measure of success will be whether ordinary people—innovators, traders, and entrepreneurs—can access markets across borders with ease and confidence. By focusing on practical solutions, especially in payment systems and inclusivity, Africa can unlock its vast economic potential and ensure that integration benefits all its citizens. The path forward is clear: integration must be about people and their opportunities, not just policies on paper.