Africa's fragmented markets are costing the continent valuable economic growth, according to Prince Moses. He serves as the communications director for the Africa Prosperity Network (APN). Moses argued that African governments must prioritise financial and policy harmonisation. This is essential to unlock meaningful continental integration.
Visa liberalisation alone is not enough to create a truly borderless Africa. Moses spoke on the Asaase Breakfast Show on Monday, April 27, 2026. He stated that efforts to deepen integration need to go beyond political statements. Structural economic reforms are particularly important. These should happen within the framework of the Abuja Treaty.
The movement of people, goods, and services requires a strong foundation. This foundation must include the capacity to conduct transactions. Moses emphasised the critical role of financial integration. It is key to building a functional single market. He pointed to the union of Tanzania as a successful model. This union merged Tanganyika and Zanzibar. Its single currency system lowers transaction costs. It also makes trade easier.
Financial integration offers three main benefits. These are lower transaction costs. Another is improved access to trade finance. The third is more efficient cross-border payment systems. Despite these advantages, achieving this integration is challenging. Moses noted Africa’s more than 30 currencies. Progress towards a unified monetary system is slow.
"Financial integration is not a walk in the park," Moses said. He referenced stalled initiatives like the proposed West African single currency. Digital tools can help overcome these obstacles. This includes digital currencies and biometric identification systems. Cross-border payment platforms are also vital. "These digital frameworks have the potential to leapfrog bottlenecks," he added.
While some countries offer visa-on-arrival policies, Moses sees them as minor steps. They are not transformative changes. He called for broader reforms. These reforms should focus on trade efficiency and economic growth. Africa's fragmented markets hurt its global competitiveness. This is despite a population exceeding 1.5 billion people. "We are exporting our prosperity to other economies that have had the sense to come together," he warned.