{"id":226206,"date":"2025-10-26T09:18:18","date_gmt":"2025-10-26T09:18:18","guid":{"rendered":"https:\/\/www.newsbeep.com\/uk\/226206\/"},"modified":"2025-10-26T09:18:18","modified_gmt":"2025-10-26T09:18:18","slug":"africa-loses-5-billion-annually-in-foreign-exchange-transactions-afcfta","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/uk\/226206\/","title":{"rendered":"Africa loses $5 billion annually in foreign exchange transactions \u2013 AfCFTA"},"content":{"rendered":"<p class=\"article-image\"><a href=\"https:\/\/www.ghanaweb.com\/GhanaHomePage\/business\/Africa-loses-5-billion-annually-in-foreign-exchange-transactions-AfCFTA-2006642?gallery=1\" rel=\"nofollow noopener\" target=\"_blank\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.newsbeep.com\/uk\/wp-content\/uploads\/2025\/10\/29466932.295.jpg\" alt=\"The situation continues to raise the cost of doing business across the continent\" title=\"The situation continues to raise the cost of doing business across the continent\" width=\"295\" height=\"166\" \/> <\/a>The situation continues to raise the cost of doing business across the continent<\/p>\n<p id=\"article-123\">The African Continental Free Trade Area (AfCFTA) Secretariat has revealed that Africa loses about $5 billion annually through foreign exchange transactions.<\/p>\n<p>According to the Secretariat, the situation continues to raise the cost of doing business across the continent, saying the losses have become a major barrier to Africa\u2019s economic growth and competitiveness.<\/p>\n<p>Speaking at the second International Conference on Environment, Social, Governance (ESG) and Sustainable Development of Africa (ICESDA 2025) in Accra, the Director for Coordination and Programmes at AfCFTA, Dr Tsotetsi Makong, said the Secretariat has identified similar losses in digital transactions and is developing measures to address them.<\/p>\n<p>Dr Makong also underscored the need for African countries to consolidate their resources to attract large-scale investments, stressing that no single nation can achieve sustainable development alone.<\/p>\n<p>\u201cRemember, we\u2019ve been fragmented, and these artificial borders have been created. Nobody is going to invest in Ghana because Ghana is too small to attract huge investment. But if you put Nigeria together, Togo together, and you create one single market, which is what we\u2019re doing in the AfCFTA, you increase the possibility and the potential for investments to be made in the continent.&#8221;<\/p>\n<p>\u201cOtherwise, individually, no single African country can advance. It doesn\u2019t matter what we have in our national Vision 2020, Vision 30. All of those things\u2014the markets are very small to justify huge investments. For the investments that we require, we need to make sure that we pull together as countries,\u201d he added.<\/p>\n<p>All you need to know about Ghana&#8217;s new vehicle number plates |BizTech:<\/p><\/p>\n","protected":false},"excerpt":{"rendered":"The situation continues to raise the cost of doing business across the continent The African Continental Free Trade&hellip;\n","protected":false},"author":2,"featured_media":226207,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[84,1294,56,54,55],"class_list":{"0":"post-226206","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-economy","8":"tag-business","9":"tag-economy","10":"tag-uk","11":"tag-united-kingdom","12":"tag-unitedkingdom"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts\/226206","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/comments?post=226206"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts\/226206\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/media\/226207"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/media?parent=226206"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/categories?post=226206"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/tags?post=226206"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}