"Recent coups a threat to the AfCFTA \u2013 Dr Theo Acheampong"

" Recent coups a threat to the AfCFTA \u2013 Dr Theo Acheampong \r\n\r\nEconomist and Political Risk Analyst, Dr Theo Acheampong, has noted that the recent spate of coups across the Continent threatens the implementation of the African Continental Free Trade Area (AfCFTA) agreement.\r\n\r\nAccording to him, the continent-wide trade pact cannot take place amidst the ongoing coups which he asserts, is very likely to continue.\r\n\r\n\u201cWe have not seen the end of the coups and are likely to see more of it as the root causes of the coups which include both internal and external drivers still exist.\r\n\r\n\u201cIn the midst of the constant coups, AfCFTA cannot happen and ao it becomes imperative that we have an environment that is stable to facilitate intra-trading under the AfCFTA,\u201d he quipped speaking on the NorvanReports X Space discussion titled \u201cAfrica\u2019s Coup D\u2019etats and Business Landscape: Effects on Investments and Economic Stability\u201d, on Sunday, September 3, 2023.\r\n\r\nUNCTAD forecasts show that the AfCFTA could boost intra-African trade by about 33% and cut the continent\u2019s trade deficit by 51%.\r\n\r\nIntra-continental trade constitutes less than 13% of Africa\u2019s total trade, in comparison to 66.9% in Europe, 63.8% in Asia & Oceania, and 44.4% in the Americas.\r\n\r\nThe dependence on external markets leaves the continent highly exposed to crises and shocks in other parts of the world, as showcased by the impact of COVID-19 and the ongoing Russia-Ukraine war.\r\n\r\nSpeaking further during the discussion, Dr. Acheampong noted that given the recent spate of coups, Africa faces another lost decade of economic growth as was the case in the 1970s.\r\n\r\nHe noted that coups derail economic growth and in many cases lead to the continuous decline in foreign direct investment inflows for many years.\r\n\r\nFurther stating that coups on the continent feed into the popular notion held by foreign creditors that Africa is unstable and hence the high premiums placed on loans given to African countries by foreign creditors.\r\n\r\nA spate of eight coups in the last three years, including the recent ouster of Gabon\u2019s president by soldiers, has highlighted why military takeovers are returning in African countries.\r\n\r\nEarly Wednesday, military officers seized power after an announcement that President Ali Bongo had secured a third term in an election, ending his family\u2019s 56-year hold on power.\r\n\r\nIn Mali, Burkina Faso, Guinea, Niger, and Chad, coup leaders are still in control despite widespread condemnation and sanctions.\r\n\r\nSecurity analysts said these power grabs threaten a reversal of Africa\u2019s democratisation process in the past two decades and a return to the era of coups as the norm.\r\n\r\nOut of the 486 attempted or successful military coups carried globally since 1950, Africa accounts for the most significant number, with 214, of which at least 106 have been successful, according to a survey compiled by American researchers Jonathan Powell and Clayton Thyne.\r\n\r\nThe survey also showed at least 45 of the 54 nations across the African continent have experienced at least a single coup attempt since 1950.\r\n\r\n "

"Recent coups a threat to the AfCFTA \u2013 Dr Theo Acheampong"

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