The African Continental Free Trade Area (AfCFTA) Secretary-General, Wamkele Keabetswe Mene has said that 49 African Union members have ratified the AfCFTA protocol.
He also reaffirmed AfCFTA’s commitment to promoting the use of local currencies in intra-African trade, moving away from dependence on the United States dollar.
Mene disclosed this at the AfreximBank Annual General Meeting, 2025.
The AfCFTA is a free trade area founded in 2018, with trade commencing as of January 1, 2021.
Mene said 49 members out 55 members of the African Union have ratified the treaty as of June 2025.
“As we speak, the AFCFTA has been ratified by 49 members of the African Union. The fastest ratification since the establishment of the Organization of African Unity for any instrument, particularly an instrument for economic integration.
“This rapid ratification demonstrates the political will and commitment of our heads of state to advance on the vision of an integrated economy in Africa. So, today we present an investment proposition underpinned by a combined GDP of over $3.4tn,” Mene said.
He said the unified market is poised to unlock the dynamism of African entrepreneurs, create millions of jobs, and shift African economies from commodity dependence towards higher value addition and structural transformation.
Amidst geopolitical tensions, the AfCFTA boss said trading in foreign currencies among African nations undermines the continent’s financial independence and exposes it to global geopolitical risks.
The Secretary said, “Forty-nine state parties to the AFCFTA have collectively accepted the obligations to eliminate and reduce barriers to intra-African investment.
“The reduction and elimination of tariffs and non-tariff barriers requires financial support. It requires trade finance tools. It requires tools for intervention in industrial development, in green trade, in green industrialization, and other facilities that the AfreximBank has introduced over the years.
“We introduced the Pan-African payment and settlement system, which enables payment in local currency, at reduced costs.
“Our estimates collectively, African Bank and the AfCFTA Secretariat, are that this will reduce the cost of trade and currency convertibility by close to $5bn, enabling our SMEs to take advantage of this market.
“Trading in the United States dollar or any other currency has no business between African countries. We must use our currencies. We must ensure the economic sovereignty of our continent, guard ourselves against the ever-shifting global geopolitical tensions which has an impact on payments.”
He disclosed that nearly 3,000 certificates of origin have been issued, adding it “means that the private sector, the informal traders, as well as smallholder farmers, are taking advantage of this new market.”