Международный журнал экономики и менеджмента

Moving Forward on Africa’s Regional Integration Agenda: Learning from Best Practices and Efforts

Abstract

Emmanuel Joshua Chinyama and Daniel Tanoe

Implementatation of regional integration continues to face numerius challenges including inadeqaute financial resources. The major sources of finance has been the pleadges coming from member States’ contributions which in most cases have been inedeqaute and not forthcoming, making it very dificult for these institutions to effectively implement regional integration activities and programmes. Efforts are being made at both continental and regional levels to address the challenge of inaduqate financial resources and others. Several alternative sources of financing regional integration activities and programmes have been explored. However, thier implementation remain a challenge to many African member States. In addition to the alternative sources of finance, The African Union has take a board decision on the rationalisation of the RECs, aimed at putting the limmited resources from member States to its effective use. Despite these challenges, progress has been made in a number of areas inducing free movement of people, peace and security, macroeconomic convergence, and trade facilitation, particularly regional payment system which will assist in promoting trade by facilitating payment of goods and services in all regions without difficulties and also at a decreased rate.