In a constantly evolving economic context, Africa is at a crucial moment in its commercial development with the establishment of the African Continental Free Trade Area (AfCFTA). However, a recent report by the Pan-African Private Sector Trade and Investment Committee (PAFTRAC) reveals major challenges faced by companies on the continent in taking full advantage of this historic opportunity.
According to the report entitled “PAFTRAC Africa CEO Trade Survey Report 2024: Assessing the impact of the AfCFTA on African trade”, nearly 91.2% of African business leaders believe they do not have the necessary support to exploit the opportunities offered by the AfCFTA. This finding highlights an urgent need for collaboration between public and private actors to support companies in this transition towards a common market.
The main gaps identified by the business leaders surveyed concern the lack of information on business opportunities, the benefits of the African free trade agreement, as well as difficulties in accessing credit and long-term financing. These findings highlight the critical importance of raising awareness and supporting economic actors so that they can fully grasp the benefits of the AfCFTA.
In addition, the report highlights a general lack of knowledge of the AfCFTA among business leaders, with only 40% of them reporting a high level of knowledge. This situation highlights the need to strengthen communication and training initiatives to enable economic actors to better understand the issues and opportunities offered by the AfCFTA.
To overcome these challenges, close collaboration between trade finance institutions, the AfCFTA Secretariat, governments and businesses themselves is essential. It is imperative that concrete measures are taken to support businesses in their adaptation to this new business environment, in order to foster sustainable and inclusive economic growth on the African continent.
In conclusion, the implementation of the AfCFTA offers promising prospects for trade in Africa, but requires a strong commitment from all stakeholders to ensure its success. It is time to act collectively to overcome the challenges identified and transform opportunities into concrete benefits for African businesses and, ultimately, for the populations of the continent.