Trade

The commercial sectors of most African states rely heavily on one or a few export commodities. The bulk of trade occurs with industrialized nations, which require raw materials and sell industrial and consumer goods. Trade between African states is limited by the competitive, rather than complementary, nature of their products and by trade barriers, such as tariffs and the diversity of currencies.
Most former British colonies in Africa continue to have loose trade relations with Britain and keep monetary reserves in London, England. Former French colonies have even closer ties with France, and most are members of a French franc zone. In addition, most African states have economic ties with the European Union and benefit from some tariff barrier reductions. Few successful intra-African economic systems have emerged.
The most durable and successful are the Economic Community of West African States and the Economic Community of Central African States. The Organization of African Unity also promotes intra-African trade and economic development.