AfCFTA and Quest Ghana Partner to Launch Digital Trade Corridor for Africa

Accra: The African Continental Free Trade Area (AfCFTA) Secretariat and Quest Ghana have signed a Joint Venture Agreement in Accra to establish a Digital Trade Corridor aimed at transforming cross-border trade and accelerating Africa's digital economic integration. The Secretary General of AfCFTA, Wamkele Mene, described the agreement as a significant milestone towards the operationalisation of the protocol on digital trade. He said the corridor would facilitate and track cross-border trade transactions in compliance with AfCFTA rules while creating a more connected and efficient digital environment for businesses, particularly small and medium-sized enterprises (SMEs). According to Ghana Web, Mene highlighted that Africa's digital economy presents a major opportunity for economic transformation. Digital technologies can enable young people, SMEs, informal traders, and smallholder farmers to access markets across the continent. He noted that Africa recorded more than US$220 billion in trade in goods and serv ices in 2024, with a significant portion involving manufactured and value-added products. Mene further cited projections by the International Finance Corporation that Africa's combined digital economy could reach about US$712 billion by 2035. He emphasized the need to move beyond policy discussions and deploy the necessary infrastructure to translate the potential of digital trade into tangible economic opportunities. The Digital Trade Corridor is expected to support cross-border transaction tracking, market connectivity, and payment systems. The initiative would also contribute to retaining more revenue within Africa by enabling payments to take place using local currencies rather than relying on third currencies or intermediaries outside the continent. Mene stated that the project would be implemented through a partnership involving governments, the private sector, and national institutions, with the first three years focusing on demonstrating the viability of the concept and building transaction volumes. He disclosed that more than US$5.1 billion in private-sector investment had been mobilised with support from the government of Seychelles for Africa's digital infrastructure, with Seychelles expected to host the headquarters of the joint venture. Philip Gamey, Executive Chairman of Quest Ghana, explained that the initiative was designed to create the digital infrastructure required to facilitate the free flow of goods, services, and capital across African borders. He mentioned that the project would include the development of a continental African minerals and commodities exchange to enable African resources to be priced and traded on the continent. Gamey introduced the concept of a Fair Value Index (FVI), aimed at enabling African producers to have greater influence over the pricing of their commodities. He also discussed the development of a payment system based on the Pan-African Payment and Settlement System (PAPSS) to facilitate cross-border transactions in local currencies. Gamey announced plans for a continent-wide digital marketplace to enable businesses, including smallholder farmers and informal traders, to access a market of more than 1.4 billion people. He expressed the intention for the project to help increase intra-African trade from its current level of about 16 per cent to 50 per cent and beyond. Seychelles Minister for Finance, Economic Planning, Trade, and Investment Pierre Laporte confirmed his government's support for the initiative, securing Cabinet approval for the project in July. Seychelles has earmarked land for the construction of the joint venture's headquarters and will provide incentives to support the initiative, reflecting its ambition to contribute to Africa's digital transformation despite being the continent's smallest nation. The signing marks a further step in efforts to implement the AfCFTA's digital trade agenda and create infrastructure capable of supporting more efficient, inclusive, and integrated intra-African commerce.