INTRODUCTION

In recent times, the economies of African States have shown promise and growth particularly in Sub-Saharan Africa. In 2018, the World Bank predicted an economic growth of 3.1% in Sub-Saharan Africa, from the growth experienced in 2017 which was 2.6%. The predicted growth was largely attributable to the increment in investment, both foreign and domestic in the region. In cognisance of this, States across the Continent through the initiative of the African Union, signed a treaty: the African Continental Free Trade Agreement (AfCFTAA), to boost intra-African trade development across the continent, and ensure regional integration and economic development in the Continent.

FOREIGN INVESTMENT IN AFRICA:THE PAST AND THE PRESENT

What is Foreign Investment?
The term “Foreign Investment” most often loosely refers to Foreign Direct Investment (FDI). The Organisation for Economic Co-operation and Development (OECD) defines an FDI as

“the category of international investment that reflects the objective of a resident entity in one economy to obtain a lasting interest in an enterprise resident in another economy.^[i]”

The term FDI is also defined in the fourth edition of the Balance of Payments Manual (BPM5) by the International Monetary Fund (IMF) as

“a category of international investment made by a resident entity in one economy (direct investor) with the objective of establishing a lasting interest in an enterprise resident in an economy other than that of the investor (direct investment enterprise)^[ii]; where a direct investment link would exist on ownership of at least 10% of the ordinary shares or voting power of the enterprise by the Investor^[iii]”

The History of Foreign Investments in Africa
Africa has had quite the history with FDI. Understandably, much scepticism has been displayed not only by foreigners seeking to invest in Africa, but also in the mistrust African States have towards each other. This scepticism is rooted in the history, ideology, and the politics of the post-independence period of Africa.
The arrival of Europeans in Africa in the 15th century to trade on the shores of the continent is oft considered a pre-cursor to the slavery and colonialism of Africa. As a result, African States showed high levels of mistrust and hostility towards Caucasian investors in the immediate post-colonial era.
Additionally, the high incidence of political instability, nationalism and expropriation of foreign companies with little or no compensation at all resulted in poor investor confidence in Africa, even between African States.
For these reasons and more, Africa until recently was considered a poor choice for FDI, by countries within and outside the continent.
Foreign Investments in Modern Day Africa
Privatisation
To encourage FDIs, many African States begun to privatise state-owned enterprises. In a research paper conducted by Arijit Mukherjee and Kullapat Suetrong^[iv] on the correlation between privatisation and FDIs, evidence is led to show that developing countries and transition economies experienced growth of inward foreign direct investment as a direct consequence of the privatisation of public firms. For instance, in 2008, Government of Ghana privatised the Ghana Telecommunication Company now Vodafone, partnering with Vodafone Group Plc, a global telecommunications company incorporated and first established in the United Kingdom.^[v]
Execution of BITs and DTTs
African countries have also begun to establish of Double Taxation Treaties (DTTs) as well as Bilateral Treaties (BITs) within and outside of countries in the continent. As at 2014, there were approximately over 854 BITs, and 400 DTTs signed across and within Africa.^[vi]
With bribery and corruption rife in Africa, and the exceedingly slow pace of litigation in the region, most foreign investors have little or no confidence in the justice system in Africa. In the Ghanaian case of AGYEMANG (SUBSTITUTED BY) BANAHENE & OTHERS V. ANANE [2013-2014] 1 SGCLR 241, which lasted forty years; the then Chief Justice Georgina Woode stated of the suit, “Regrettably, it has taken forty long years, a whole generation, for this case to finally find its way into this court; the court of last appeal. We hope court business shall always be managed in ways that will not occasion a repeat of this parody of justice…” As such, most foreign investors prefer a more stable and neutral forum for the resolution of disputes, a forum guaranteed under the ISCID and other international forums. The adoption of international arbitration rules established by the United Nations Commission on International Trade (UNCITRAL) and the International Centre for Settlement of Investment Disputes (ICSID) is thus welcome.
Protection of Intellectual Property Rights
Last but not least is the adoption of regulations and policies that guarantee intellectual protection of products. The strength of a country’s intellectual property laws, bears a direct effect on the presence of imitation products on the market. Currently over 40 African States are signatories to the Trade-Related Aspects of Intellectual Property Right (TRIPS) Agreement, by reason of their membership to the World Trade Organisation (WTO)^[vii] which guarantees a minimum level of protection for all intellectual property and related rights.
Challenges of FDIs within the Region
High Levels of Bureaucracy
In most if not all cases, foreign investors have to wade through a sea of red tape to acquire the necessary certification and documentation to set up camp in the host country. At each stage, the process is not only long but tiring, this for many potential investors is a problem which is better avoided by investing in another country with low levels of bureaucracy and effective administration.
Bribery and Corruption
Secondly, due to the high levels of corruption and bribery in Africa, some of the aforementioned measures to attract FDIs have become almost ineffective. Corruption is defined by Transparency International, anti-corruption organisation, as

“the abuse of entrusted power for private gain.”^[viii]

According to the data recorded by Transparency International, the worst performing region for 2017 was Sub-Saharan Africa.^[ix] In a live Q & A session, the World Bank noted that corruption was one of the single largest obstacles to economic and social development.^[x] Before the necessary documentation is acquired, money must change hands, and at almost every stage of the process; affecting the pockets of would-be investors and discouraging FDIs.
Poor Infrastructure
Lastly the continent suffers from a dearth of adequate infrastructure. The absence of adequate supporting infrastructure such as transport, round-the-clock power supply and skilled labour, discourage foreign investment because it increases the cost of investment.  According to the State of Electricity Access Report (SEAR) 2017, conducted by World Bank over 50% of the world’s electricity deficit is concentrated in Sub-Saharan Africa. Asiedu (2002)^[xi] and Morrisset (2000)^[xii] stipulate that there is a direct relationship between good infrastructure and FDI inflows. Hence, the lower the infrastructure, the lower the inflow of FDIs.

IMPLEMENTATION OF THE AFRICAN CONTINENTAL FREE TRADE AREA AGREEMENT (AfCFTAA), EXISTING MULTILATERAL TREATIES AND DOMESTIC LAWS

On 21^st March 2018, an Agreement to establish a free trade area in Africa was signed during the 10th Ordinary Session of African Union Heads of State summit in hopes that not only would intra-African trade increase but also that regional integration would be deepened. In 2010, trade between African States made up a measly 10.2%. The figure increased to 18% by 2014, a performance still deemed unsatisfactory especially when contrasted with regional trade in other continents. Trade between European states alone accounted for 69% in 2014.^[xiii] The Agreement titled the African Free Trade Area Agreement (AfCFTAA) has been described as the world’s biggest trade agreement since the World Trade Organisation was formed in 1995.^[xiv] At present, the only African country not a signatory to the Agreement is Eritrea.[xv]  The UN Economic Commission for Africa (UNECA) has estimated the Agreement’s implementation could increase intra-African trade by 52% by 2022. Under Article 23 of the AfCTAA, the Agreement becomes operational after 22 African States ratify it.  Pursuant to Article 23 of the AfCTAA, the Agreement came into force on 30 May 2019, 30 days after the 22-country threshold had been met.  Following ratification and entry into force of the AfCFTA, five supporting Operational Instruments have since been launched, and this during the AU Summit held in Niamey, Niger in July 2019.
The Agreement presently comprises:

1. An overall framework agreement,
2. A protocol on Trade in Goods
3. A protocol on Trade in Services
4. A protocol on Dispute Resolution, annexes and appendices inclusive and
5. Operational instruments.^[xvi]

Protocol on Trade in Goods
The Protocol on Trade in Goods is divided into 10 parts. Part I deals with definitions, the objectives of the protocol and the scope of the protocol. The specific objectives of the Protocol include:

1. Progressive elimination of tariffs;
2. Progressive elimination of non-tariff barriers;
3. Enhanced efficiency of customs procedures, trade facilitation and transit;
4. Enhanced cooperation in the areas of technical barriers to trade and sanitary and phytosanitary measures;

Part II adopts measures against discrimination among African States; under Article 4 of the Protocol, all States must treat their trading partners equally under the most favoured nation principle. Part II also dictates that imported goods be given the same treatment as domestic goods and grants States the authority to make special concessions and arrangements based on the varying levels of development across the continent.^[xvii]
Part III deals with Trade liberalisation; Article 9 of the Protocol prohibits Member States from imposing quantitative restrictions on imports from or exports to other State Parties except as otherwise provided for in the Protocol, its Annexes, Article XI of GATT (General Agreement on Tariffs and Trade) 1994 and other relevant WTO Agreements. Member States under the Protocol are also afforded the opportunity to take steps and measures that would protect infant industries, such steps and measures must however be implemented on a non-discriminatory basis.
Parts IV, V and VI deal with customs cooperation, trade facilitation and transit; trade remedies and Products standards and regulations.
The other areas addressed under the protocol are complementary policies, Exceptions, Technical Assistance, Capacity Building and cooperation and Institutional provisions relating to dispute settlement and implementation of the Agreement.
Protocol on Trade in Services
The key features under the Protocols on Trade in Services are, transparency of service regulations, mutual recognition of standards, licensing and certification of services suppliers, progressive liberalisation of services sectors, favourable treatment of service suppliers, and general and security exceptions.^[xviii]
The Protocol is divided into 6 Parts, Part I is in respect of definitions, Part II in respect of the scope of the Protocol under the AfCFTAA while Part III touches on the objectives of the Protocol. The objectives under the Protocol include:

1. To enhance competitiveness of services through: economies of scale, reduced business costs, enhanced continental market access, and an improved allocation of resources including the development of trade-related infrastructure
2. To foster domestic and foreign investment;
3. To progressively liberalise trade in services across the African continent on the basis of equity, balance and mutual benefit, by eliminating barriers to trade in services;
4. To ensure consistency and complementarity between liberalisation of trade in services and the various Annexes in specific services sectors;

Part IV of the Protocol sets out the obligations and disciplines of member states and addresses inter alia transparency, non-discrimination among member state parties, confidential information, monopolies and anti-competitive policies. Article 6 of the Protocol grants Member States the right to refuse to disclose confidential information and data which could impede law enforcement, be against public interest, or prejudice the legitimate commercial interests of particular enterprises-public and private. Under Part II, member States may also regulate services and services suppliers within its territory in order to meet national policy objectives, in so far as such regulations do not impair any rights and obligations under the Protocol. Member States may also subsidise localised services in pursuance of air development policies. Parts V and VI make provisions on progressive liberalisation of services and institutional policies respectively.
Protocol on Dispute Resolution
The Protocol on Dispute Settlement unlike the first two protocols is not divided into parts, and consists of 31 Articles. The objective of the Protocol as stipulated, is to ensure the dispute settlement process is transparent, accountable, fair, predictable and consistent with the provisions of the AfCFTAA. Under the Protocol, where a Member party has already invoked the rules and procedures under it with regards to a specific matter, the said member State is prohibited from invoking the jurisdiction of another forum for resolution of the matter.^[xix] The Protocol further stipulates that in the event of a dispute, recourse must first be made to consultations between the disputing parties, alternatively the parties may decide on arbitration as an initial response to resolving the matter. If the parties are unable to reach an amicable resolution, then any party may, after notifying the other parties to the dispute, refer the issue to the Dispute Settlement Board (DSB) and request for the establishment of a Dispute Settlement Panel for purposes of settling the dispute. Where parties are not satisfied with the decision of the panel, they may appeal to an Appellate Body set up by the DSB. The decision of the DSB is final and binding on member parties.
Objectives of AfCFTAA
Some of the objectives of the AfCFTAA as stipulated in the Agreement are:

1. To create a single market for goods, services, facilitated by movement of persons in order to deepen the economic integration of the African continent and in accordance with the Pan African Vision of “An integrated, prosperous and peaceful Africa” enshrined in Agenda 2063;
2. To create a liberalised market for goods and services through successive rounds of negotiations;
3. To contribute to the movement of capital and natural persons and facilitate investments building on the initiatives and developments in the State Parties and RECs;
4. And to lay the foundation for the establishment of a Continental Customs Union at a later stage.

The Operational Instruments of The AfCFTA[xx]
The operational instruments that would govern the AfCTAA are:

1. Rules of Origin to govern and regulate the terms and conditions under which a product or service could be traded duty free across the region
2. An AfCTAA Online Negotiation forum/tool to facilitate negotiations on tariff liberalisation between State Parties, Customs Unions or Regional Groupings under the AfCFTAA. The primary aim of the forum is to complement the decision of the African Union on a 90% tariff liberalisation within a 10-year period. The forum would be accessible to all parties and would act as a collaborative platform to exchange the lists of products defined at the tariff line level as well as the tariff that could be applied.
3. A Continental Online Tool for Monitoring and Elimination of Non-Tariff Barriers (NTBs). One of the main goals of the AfCFTAA is to progressively eliminate existing NTBs to boost intra-Africa trade. The purpose of this online tool is thus to monitor NTBs to ensure progressive elimination in accordance with the AfCTAA.
4. A Digital Payments System known as the Pan-African Payments and Settlement System (PAPSS). The PAPSS is a centralised payment and settlement system to not only facilitate payment, but formalise unrecorded trade which is usually in the form of informal cross-border trade in the region and provide a simple, low-cost and risk-controlled payment clearing and settlement system.
5. An African Trade Observatory. The trade observatory will act as a portal to provide exhaustive trade data and information on inter alia trade statistics within the region, exporters and importers and trade opportunities in the continent.

 
Benefits of the AfCTAA to Member States
The benefits promised under the AfCFTAA include:
Sustainable growth
Under the AfCFTAA, industrial exports between African States are expected to rise. The Agreement seeks to promote diversification, encouraging a shift from the export of extractive products like gold and oil to industrial products largely since extractive products are exhaustible in nature. An additional reason for this shift lies in the volatility of extractive products leading to a less stable economic and fiscal environment; thus, the need for the increase in the industrial market which is guaranteed under the AfCFTAA.
Creation of employment avenues
When the policies under the AfCFTAA are realised, the shift to an industrial based economy as mentioned earlier would lead to a more labour-intensive regime; hence, the creation jobs for the unemployed youth of Africa. Furthermore, through liberalisation of services under the AfCFTAA, service suppliers can look forward to a larger market, as their market would transcend local boundaries.  This in turn would lead to the need to employ more workers both from the investors’ country and in the host country, thus creating opportunities for the unemployed populace.
Lower Tariffs for intra-African Trade:
The average tariffs on intra-African trade are 6.1% presumably due to a preference for inter-regional trade as compared to intra-regional trade. The AfCFTAA proposes to eliminate tariffs on intra-African trade to boost intra-regional trade in Africa. This would ensure international comity and regional integration among African States. In the words of Jean-Louis Billon^[xxi], “There (are) too many barriers within the African continent and the only way for us to get to real development in the future is to boost trade and industry relations”.^[xxii] The Economic Commission for Africa (ECA) estimates that the AfCFTAA has the potential to raise intra-African trade by 52.3 per cent by eliminating import duties and reducing non-tariff barriers.
Expected Difficulties in Implementation
The Agreement is bound to face a fair amount of difficulties in implementation, some of which are discussed below:
Short term losses
A research undertaken by UNCTAD shows that the elimination of all tariffs between African countries would take an annual $4.1 billion out of the coffers of trading States, but would create an overall annual welfare gain of $16.1 billion in the long run.^[xxiii] The short-term losses may discourage African States from formulating favourable inter-regional trade policies to make up for the funds and resources lost, particularly in States that have a less diversified and flexible economy. Also, due to the short-term losses, policies and programs formulated to implement the Agreement may be met with opposition from citizens and even more so if there is a dearth in the education of the masses on the African Free Trade Agreement.
Uneven distribution of wealth
A perception held by some scholars like Sylvester Bagooroo^[xxiv] and Mukhisa Kituyi^[xxv], is that he Agreement places more focus on the elimination and reduction of tariffs without much consideration   for the varying production capabilities of countries in the continent. Advanced African countries have an edge as a result of their more strongly developed manufacturing capabilities; granting them the license to sell their goods and services to the continent’s less developed countries could undercut industrial development in such countries while enriching the former.
Language Barriers
There are approximately   over 2,000^[xxvi] languages in the continent alone, though most nations identify as either anglophone, francophone, lusophone or arabic for convenience. Multilingualism has been described by Zeleza^[xxvii] as the bane of Africa. The phenomenon affects the ease of communication to enhance investments and facilitate the implementation of the Agreement. One major feature of the AfCFTAA is the fact that member states have to negotiate on the terms of the Protocols and accompanying Annexes. With this in mind, a communication barrier due to the multilingual nature of the continent could not only lengthen the process but also result in disputes arising due to miscommunication; undermining effective implementation of the Agreement.

THE RELATIONSHIP BETWEEN AfCFTAA AND OTHER INVESTMENT REGIMES

The AfCFTAA is meant to be complimentary to existing multilateral treaties and domestic law. According to the preamble to the AfCFTAA, the Agreement recognises the existing rights of Member States under other agreements to which they belong. These rights and duties, including those signed under the World Trade Organisation (WTO) under Article 19^[xxviii] remain protected, although they may be at variance with the provisions of AfCFTAA. However, the general rule is that where there are conflicts between the AfCFTAA and other existing agreements, the provisions of the AfCFTAA prevail. As the protocols and annexes to the AfCFTAA are based on negotiations between member States, the provisions of said protocols and annexes are more complementary in nature and often mirrors provisions in existing treaties, international law and domestic investment codes. For instance, both the Protocol on trade in goods and the Protocol on trade in services, enshrine the Most Favoured Nation Principle and the National Treatment Principle; principles developed in international trade law and ratified by most African States belonging to the WTO. Another instance of the complementary nature of the AfCFTAA is seen in Article 27 of the Protocol on Rules and Procedures on the Settlement of Disputes which allows parties to resort to any form of arbitration of their pleasure outside the DSB (Dispute Settlement Board) as established under the AfCFTAA.

IMPLEMENTATION OF THE AfCFTAA: IMPLICATIONS FOR THE PROTECTION OF LOCAL BUSINESSES

The role of local businesses in an economy cannot be undermined. One major concern about the AfCFTAA is its impact on local businesses. The Multi-Stakeholder Consultation held by the Third World Network (TWN)-Africa, has mentioned there is a need for input from local stakeholders and all parties likely to be affected by the Agreement^[xxix] as the Agreement has the potential of silencing local industries, contrary to its objectives to boost trade in Africa.
There are however, provisions in the AfCFTAA that protect local industries, though somewhat inadequate.
Protection of Local Infant Industries
The Agreement recognises the need for infant industries to be sheltered in order to grow. To this end, Article 24 of the Protocol on Trade in Goods stipulates,

“For the purposes of protecting an infant industry having strategic importance at the national level, a State Party may, provided that it has taken reasonable steps to overcome the difficulties related to such infant industry, impose measures for protecting such an industry. Such measures shall be applied on a non-discriminatory basis and for a specified period of time.”

 The protection however lasts in so far as the industry remains an infant one. Thus, local industries remain unprotected as soon as they become established which may have negative impact on the domestic development of the concerned country’s local trade.
Provision of Subsidies under Development Programs
Under the AfCFTAA, Member States may grant subsidies^[xxx] to their local industries in relation to their development programs.  Where another party is adversely affected, the said party may request for further consultations on the subsidies granted to the local industries. However, these requests are merely sympathetic in nature, and the host country is not mandated to oblige the requesting party.
Formulation of Policies and Regulations to Safeguard Local Industries from Surges
The AfCFTAA allows Member parties to apply policies and regulations aimed at safeguarding local industries where there is a surge in the influx of a product in its territory such that it adversely affects or is likely to cause harm to its domestic producers. This is stipulated in Article 19 of the Protocol on Trade in Goods which reads, “State Parties may apply safeguard measures to situations where there is a sudden surge of a product imported into a State Party, under conditions which cause or threaten to cause serious injury to domestic producers…”
These provisions though commendable, offer little protection to local industries and it is important that all stakeholders local and foreign be consulted in respect of the remaining negotiations to ensure that the Agreement is effective in its implementation across the continent.

THE AfCFTAA:  A SOLUTION TO AFRICA’S DEVELOPMENT PROBLEM?

The AfCFTAA while commendable cannot be the sole driving force for economic growth across Africa. African integration is important but without a corresponding growth in other sectors like technology and political stability, the growth of the Continent would be severely hindered and the AfCFTAA greatly undermined.
Firstly, Member States must aim at ensuring political stability. Political instability is a menace that has plagued many African countries. Between 1956 and 1984, Sub-Saharan Africa alone has suffered 56 coup d’etats^[xxxi]; to date some African States are yet to recover from the devastating effects of the political instability. Political instability raises the government expenditure and increases inflation, both of which inhibit socio-economic growth. In a recent study by Jong-a-Pin, R. (2009)^[xxxii] it was shown that, higher degrees of political instability resulted in lower economic growth. After the end of the Sierra Leone Civil War, the State has seen a significant rise in its GDP from 1.25 Billion USD in 2002 reaching a peak of 5.015 Billion USD in 2014 and currently lies at 3.77 Billion USD.^[xxxiii] Similarly, Rwanda’s economy showed great increase from 1993 till now following the end of the civil war  in August 1993.^[xxxiv] World bank statistics show that as at 2015, Libya (currently under political unrest) suffered a reduction in GDP by 10% since the beginning of the Libyan civil war in 2011 after Ex-President Gaddafi was overthrown.^[xxxv]  Per capita income in Libya since fell to less than US$ 4,500 in 2015 from the US$ 13,000 in 2012. The relationship between political stability and economic development is thus an important one which cannot be overlooked.
Secondly, African States must put measures in place to tackle the high rate of illiteracy in the region. According to statistics, in 2016, there were approximately 263 million children, adolescents and youth out of school. ^[xxxvi] Out of this number, 96 million were from Sub-Saharan Africa and 18 million from North Africa and Asia, together, the numbers of out-of-school children in Africa are approximately about 114 million. Education, skills, and acquisition of knowledge are recognised as markers of a person and in turn a nation’s productivity. To increase productivity levels, a country must of necessity increase its education and knowledge acquisition levels, to do otherwise spells doom for the concerned country.  For every dollar invested in an additional year of schooling, particularly for females, earnings and health benefits of $10 in low-income countries and nearly $4 in lower middle-income countries is to be generated.^[xxxvii] An increase in education thus translates into an increase in earnings which is a key determinant of the GDP and socio-economic development of any country. In the words of Plato, “If a man neglects education, he walks lame to the end of his life.”
In order to complement the positive impact of the AfCFTAA on economic growth, Africa must also ensure that there is adequate infrastructure in the region. Infrastructure is widely recognised as an essential contributor to economic development. A country cannot develop if the very institutions, framework, structures and facilities needed for growth are absent. Unfortunately, most infrastructural facilities cannot be imported, instead, they must be built in the domestic economy. Availability of adequate infrastructure raises infrastructure, increases levels of productivity and reduces the long-term costs of the concerned country. Provision of adequate infrastructure in the form of power supply, ports, road highways, railway systems and buildings also aids in the expansion of trade, foreign and local within a country. Kalilou Traoré,  the Economic Community of West African States’ (ECOWAS) Commissioner for Industry and Private Sector Promotion recently stated in an interview that Africa’s biggest challenge was the dearth in adequate infrastructure.^[xxxviii] According to International Centre for Trade and Sustainable Development (ICTSD)^[xxxix], the success of Africa in respect of its development ambition requires that the necessary “hard” and “soft” infrastructure be placed at the very top of African policymakers’ priorities.
Lastly the continent must also adopt environmentally friendly policies in order as a means of furthering development in the region. The natural environment as a factor contributing to economic growth is responsible for the provision of essential, to the provision of resources and services particularly for countries dominated by extractive industries as is the case in Africa. Examples of extractive industries are oil and gas extraction, mining, dredging and quarrying. Africa alone is home to approximately 30% of the world’s mineral reserves, 10% of the world’s oil, and 8% of the world’s natural gas.^[xl] Economic growth involves the combination of four major types of capital to produce goods and services. These are (a) produced capital, such as machinery, buildings and roads; (b) human capital, such as skills and knowledge; (c) natural capital, such as minerals, oil, carbon sequestration services provided by forests and soils; and (d) social capital, including institutions and ties within communities. Natural capital differs from the other types because it is finite,  prone to irreversible changes, and has impacts that extend across generations. It goes without saying that, natural capital must be used sustainably and efficiently in order to secure growth and sustainable development. The concept of sustainable development^[xli] defines sustainable development as “development which meets the needs of the present generation without compromising the ability of future generations to meet their own needs.” Theoretically, it integrates international environmental law, international human rights law and international economic law. It is hence impossible to speak of socio-economic development without taking into consideration environmental law.

CONCLUSION

In summary, the AfCFTAA is a laudable effort of African States to promote economic development across the continent. The AfCFTAA, which is yet to come into force promises great returns on its implementation. Nonetheless, the region must complement the efforts of the AfCFTAA with domestic policies aimed at socio-economic growth taking into account the concerns of all stakeholders: local and foreign.
ENDNOTES
^[i] Benchmark Definition of Foreign Direct Investment 2008 (BD4), 2008 pg 234
^[ii] https://www.imf.org/external/np/sta/di/glossary.pdf
^[iii] Benchmark Definition of Foreign Direct Investment 2008 (BD4), 2008 pg 234
^[iv] “Privatisation, Strategic Foreign Direct Investment And The Host Country Welfare”
^[v] Reported on https://tech.africa/ghana-telecom-and-onetouch-are-now-vodafone-ghana/
See also http://www.vodafone.com/content/index/media/vodafone-group-releases/2008/acquisition_of_a_70.html
^[vi] Investment Policies and Bilateral Investment Treaties in Africa: Implications for Regional Integration by the Economic Commission for Africa pg 4
The intra-African BITs were approximately 157 intra-African while BITs with countries beyond Africa were approximately 696
^[vii] https://www.wto.org/english/thewto_e/whatis_e/tif_e/org6_e.htm
The TRIPS Agreement states that the Agreement is signed to provide effective and adequate protection for intellectual property rights
^[viii] https://www.transparency.org/glossary/term/corruption
^[ix] https://www.transparency.org/news/feature/corruption_perceptions_index_2017
^[x] World Bank Live, Q&A: AntiCorruption”, 2012
^[xi]  Asiedu, E. (2002). Aggressive trade reform and infrastructure development: a solution to Africa’s foreign
direct investment woes. Mimeo, Department of Economics, University of Kansas
^[xii] Morrisset, P. (2000). Foreign direct investment to Africa: policies also matter. Transnational Corporation 9, 107-25
^[xiii]https://www.wto.org/english/res_e/statis_e/world_region_export_14_e.pdf
See also https://www.weforum.org/agenda/2016/04/africa-needs-to-trade-with-itself/
^[xiv] Supra
[xv] https://www.tralac.org/resources/our-resources/6730-continental-free-trade-area-cfta.html last visited on 27th October 2019
[xvi] Article 8(2) of the AfCFTA Agreement: “The Protocols on Trade in Goods, Trade in services, Investment, Intellectual Property Rights, Competition Policy, Rules and Procedures on the Settlement of Disputes and their associated Annexes and Appendices shall form part of the single undertaking, subject to entry into force”
^[xvii] Article 5 & 6, Agreement Establishing the African Continental Free Trade Area
^[xviii] https://au.int/sites/default/files/documents/33984-doc-qa_cfta_en_rev15march.pdf
^[xix] Article 3 , Agreement Establishing the African Continental Free Trade Area
[xx] https://www.theeastafrican.co.ke/Sponsored/African-continental-free-trade-area-afcfta-enters-into-force/4358802-5325418-cchsjcz/index.html last visited on 24th October 2019
^[xxi] Vice President of AfroChampions Ltd
^[xxii] https://edition.cnn.com/2018/03/22/africa/african-trade-agreement-world/index.html
^[xxiii] http://unctad.org/en/PublicationsLibrary/ser-rp-2017d15_en.pdf
^[xxiv] Sylvester Bagooro is a programme officer at Third World Network Africa
^[xxv] UNCTAD Secretary-General
^[xxvi] https://www.nationsonline.org/oneworld/african_languages.htm
See also http://www.afronerd.co.za/languages-africa/
Adegbija, E. 1994. Language Attitudes in Sub-Saharan Africa: A Sociolinguistic Overview. Clevedon, Philadelphia and Adelaide: Multilingual Matters.
^[xxvii] Zeleza, P.T. 2006. The inventions of African Identities and Languages: The Discursive and Developmental Implications. Selected Proceedings of the 36th Conference on African Linguistics, pp. 14–26. Somerville, MA: Cascadilla Proceedings Project.
^[xxviii] Article 19, Agreement Establishing the African Continental Free Trade Agreement, “In the event of any conflict and inconsistency between this Agreement and any regional agreement, this Agreement shall prevail to the extent of the specific inconsistency, except as otherwise provided in this Agreement…Notwithstanding the provisions of Paragraph 1 of this Article, State Parties that are members of other regional economic communities, regional trading arrangements and custom unions, which have attained among themselves higher levels of regional integration than under this Agreement, shall maintain such higher levels among themselves.”
^[xxix] http://www.twnafrica.org/summary%20discussions%20and%20conclusions-Fin.pdf
^[xxx] Article 17, Protocol on the Trade in Services
^[xxxi]  Patrick Mcgowan  & Thomas Johnson, “Military Coup d’Etats and Under-development: A Quantitative Historical Analysis” Journal of Modern African Studies Vol 22 (December 1984) 633-666
^[xxxii] Jong-a-Pin, R. (2009). “On the measurement of political instability and its impact on economic growth.” European Journal of Political Economy 25, 15–29.
^[xxxiii] https://data.worldbank.org/indicator/NY.GDP.MKTP.CD?locations=SL
^[xxxiv] http://www.un.org/en/preventgenocide/rwanda/education/rwandagenocide.shtml
See also, https://data.worldbank.org/indicator/NY.GDP.MKTP.CD?locations=RW
^[xxxv] https://www.worldbank.org/en/country/libya/overview
^[xxxvi] http://uis.unesco.org/sites/default/files/documents/fs48-one-five-children-adolescents-youth-out-school-2018-en.pdf
^[xxxvii] http://report.educationcommission.org/report/
^[xxxviii] https://www.ictsd.org/sites/default/files/bridges_africa_march_2017.pdf
^[xxxix] https://www.ictsd.org/bridges-news/bridges-africa/news/is-infrastructure-the-key-to-africas-economic-transformation
Is Infrastructure the Key to Africa’s Economic Transformation? BRIDGES AFRICA, VOLUME 6 – NUMBER 2
^[xl] http://www.worldbank.org/en/topic/extractiveindustries/overview
^[xli] Report of the World Commission on Environment and Development (WCED), Our Common Future (the Brundtland Report) of 1987