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'Protectionist policies by some developed countries threaten globalisation'

President Zuma says saying African countries need to diversify and expand their own economy, adding that there are threats to globalisation currently.

President Jacob Zuma officially opening the 2017 Governors’ Symposium of the Association of African Central Banks at the SA Reserve Bank in Pretoria. Picture: GCIS.

PRETORIA - President Jacob Zuma has noted with concern what he calls protectionist policies by some developed countries.

Banking delegates have gathered for the opening of this year’s Governor’s Symposium of The Association of African Banks (AACB) under the theme Monetary Integration Prospects in Africa.

More than 30 Reserve Bank governors of central African banks and delegates from across the continent are attending the week-long conference.

WATCH: President Jacob Zuma opens 2017 Governors’ Symposium of the AACB

President Zuma has quoted stats according to the Africa Development Bank that trade within the African borders increased from 10% in 2000 to around 15% of total intra-African trade in 2016.

He, however, says while the growth is commendable, it’s still low compared to international standards, saying African countries need to diversify and expand their own economy, adding that there are threats to globalisation currently.

“The recent move towards more protectionist policies by some developed countries could have implications on the pace of globalisation going forward.”

At the same time, the AACB chair and governor of the Central Bank of Nigeria Godwin Emefiele agrees about the protectionist policies, making reference to Brexit.

(Edited by Zamangwane Shange)

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