Africa’s regional integration has been a major economic and political aspiration since the independence decade of the 1960s. The AfDB, which recently celebrated its 50th anniversary as Africa’s premier development finance institution, has also chosen the subject as an important pillar for its work, hence its commitment to financing initiatives that boost intra-regional trading and overall regional integration.
The report examines the imperative of regional integration for Africa’s development, looking at what arguments and facts have emerged over the past few decades, and to
what extent the pursuit of closer economic and political integration is still relevant for the continent. The report posits that regional integration is still important to stimulate sustained and inclusive growth noting that the world may be radically changing, but African integration remains as topical as ever.
According to the AfDB, the report comprises six chapters that discuss the relevance of regional integration in a changed global context; the importance and role of regional economic communities; the impact of regional infrastructure; the implications of the interregional migration of factors of production, notably labour; regional financial integration and the platforms required to raise its impact on regional commerce and economic growth; and how best to link Africa to global production and trade through regional value chains.
The report undertakes a careful examination of the opportunities available to countries and Regional Economic Communities in bringing about sustained growth and shared prosperity. It also considers institutional issues, as well as the hard and ‘soft’ infrastructure required to connect markets, enhance competitiveness, strengthen and deepen financial systems, and position Africa as a home for global business.
The Report’s main conclusion is that regional integration is still a relevant pillar for Africa’s development, although the global context has changed greatly since the continental goal was first introduced in the 1960s. Now, the thing to do is not formulate new policies but implement those that have been recently formulated; and this requires political will and a higher level of institutional capacity.
“More than infrastructure, it is political will that boosts regional integration in Africa. I recommend that all those interested in the challenges of regional economic integration in Africa and the opportunities arising from this integration read this report. The Bank will continue to play a leading role in supporting the economic integration of Africa, while helping regional economic communities to create dynamic and attractive regional markets, so that every country in the continent, including the most landlocked and fragile, can benefit from interactions with global markets and from intra-African trade,” President Donald Kabureka of the AfDB said in a message to close the launching ceremony.
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