The Economic Commission for Africa (ECA), through its Market Institutions Section (MIS), has launched a new initiative to strengthen the financial services sector in Africa. This initiative aims to integrate the continent’s financial services into regional and global value chains while supporting the implementation of the African Continental Free Trade Area (AfCFTA).
Financial Services Potential
The project focuses on enhancing the capacities of member countries to assess the value added by regional services value chains and understand the impact of the services sector on international trade. It also seeks to assist governments in formulating policies for the sustainable development of financial services.
Building on the success of a pilot project conducted from 2018 to 2022 in Ethiopia, Gambia, Kenya, Mali, Nigeria, and Togo, the current phase targets Burkina Faso and Burundi. This phase responds to direct requests from these nations for technical assistance to strengthen their financial services value chains.
Training and Awareness Programs
The initiative began with a Training of Trainers workshop held in Nairobi, Kenya, from May 6 to 10, 2024. Participants from Burkina Faso and Burundi were trained on methodologies for analyzing trade in services and measuring participation in regional and global value chains. The workshop blended theoretical insights with practical application, utilizing tools like the EORA and ORBIS databases.
In the second phase, held in Ouagadougou, Burkina Faso, from August 28 to 30, 2024, stakeholders participated in an awareness-raising and training workshop to deepen their understanding of trade in services and financial services value chains.
The current third phase, which took place on December 16 and 17, 2024, focused on validating study reports and developing an action plan to advance the project’s goals.
Driving Structural Transformation
ECA’s overarching objective is to enable African countries to maximize opportunities under AfCFTA, fostering deeper engagement in trade and bolstering the integration of services sectors into global and regional markets. This initiative aligns with ECA’s mission to drive structural transformation and enhance Africa’s competitiveness on the global stage.
The project will culminate in the preparation and validation of national action plans, followed by an international multi-stakeholder meeting to share lessons learned across participating nations. Financial support for the project is provided by the Danish International Development Agency (DANIDA), emphasizing a collaborative approach to sustainable economic growth.
Through this initiative, ECA aims to empower African nations to harness the potential of financial services, creating resilient economies capable of thriving in the interconnected global marketplace.
