Corruption, bad policies pose greatest barrier to intra-Africa trade
Stakeholders in energy, infrastructure and other sectors of the economy have said that corruption and bad government policies pose the greatest barrier to intra –Africa trade.
This was disclosed in a communiqué issued at the fourth annual Global law firm Hogan Lovells Africa Forum held at the Merchant Taylors Hall, London.
They said , “corruption posed a biggest challenge to growth in Africa. While government policies were greatest barrier to intra-Africa trade with market penetration/accessibility and lack of knowledge/ understanding of regional markets. “
They also stated that political risk was the greatest challenge faced by private sector investors in African infrastructure projects. They added that energy and power sector will attract more investment in the next eight years.
They therefore suggested that development banks have the biggest role to play in developing infrastructural projects in African, noting that regional trade blocs were seen as most key to facilitate intra-Africa trade
Speaking at the Forum, Hogan Lovells partner and Head of Africa Andrew Skipper said, “Once again our Africa Forum has brought together leading influencers to debate key themes for the continent. It has been a great success, and we leave in no doubt about the positive energy driving progress and change across the continent and filled with confidence that with the right approach and investment the continent will see sustainable growth.
“We see great opportunity throughout Africa, and that was reinforced today by the enthusiasm and passion of all of the Forum’s attendees.”
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