THE PROSPECTS AND CHALLENGES OF TRADE IN SUB SAHARAN AFRICA
Journal Title: Educational Research International - Year 2018, Vol 7, Issue 2
Abstract
This article examines the prospects and challenges of trade in Sub Saharan Africa (SSA). Africa, according to the World Integrated Trade Solution (WITS) has 52 countries, six (6) are classified as North Africa whiles the remaining (46) as Sub Saharan Africa. In 2016, five leading exporters in SSA (Nigeria, South Africa, Angola, Côte d'Ivoire and Equatorial Guinea) were used as samples for this article; their balance of trade, export and import partners, products exported and imported etc. were discussed using tables and bar charts. The article also looked at the Regional Trading Agreements (RTA) in Africa. It was found out that there are more than 15 RTAs in Africa and on average every country is part of at least 3 RTAs making it difficult to commit to the objectives of the individual agreements. In terms of exports, SSA is blessed with abundant natural resources but due to the exportation of a lot of raw material and semi-finished products, it contribution to world trade is still very low. Factors such as low human capital, poor infrastructural development and social unrests are major challenges to trade in the sub region. If SSA wants to increase its share in the world trade and become more competitive, it should reduce or form one regional trading body like the European Union, diversify its exports, invest in human capital, technology and work towards political stability.
Authors and Affiliations
Edrissa Sallah, Fatih Saygili
Keywords
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