AFBC’s Ahmed on how African businesses can leverage the AfCFTA

The African Union has introduced the African Business Council (AFBC) as a crucial entity within the African Continental Free Trade Area (AfCFTA) framework to facilitate seamless communication between the private sector and policymakers. Mansur Ahmed, the Interim Vice-Chairperson of the Council, recently appeared on CNBC Africa to shed light on how African businesses can leverage the AfCFTA to drive economic growth and prosperity across the continent. The AfCFTA serves as a landmark agreement aimed at bolstering trade within Africa by eliminating tariff barriers and fostering cooperation among member states. As Ahmed rightly pointed out, the private sector plays a pivotal role in the successful implementation of the AfCFTA. With trade being predominantly conducted among private entities, it is evident that the private sector will act as a driving force behind the realization of the AfCFTA's objectives. In his interview, Ahmed emphasized the significance of harmonizing the concerns of the private sector, which is precisely the raison d'être of the AFBC. The council provides a platform for various private sector stakeholders to engage not only amongst themselves but also with the public sector at both national and continental levels. By fostering collaboration and dialogue, the AFBC aims to enhance the capacity of businesses to trade effectively and contribute to the overall economic development of Africa. Furthermore, Ahmed highlighted the imperative of ensuring that the continental interest supersedes national interests—a delicate balance that the AFBC seeks to achieve through collaboration with regional and national business organizations. By bringing together diverse interests and perspectives, the council aims to identify common areas of focus, harmonize differing viewpoints, and engage with governmental bodies to ensure that policies and decisions align with the needs and expectations of the private sector. As the AFBC embarks on this journey, Ahmed underscored the need for swift action and effective engagement to address the intricate regulatory challenges associated with the AfCFTA. By uniting regional and national business entities under a common platform, the council aims to streamline regulatory processes, foster dialogue between the private and public sectors, and drive concerted efforts towards the successful implementation of the AfCFTA. With the AFBC still in its nascent stages, there is a palpable sense of urgency to hit the ground running and spearhead initiatives that will propel Africa towards economic prosperity. As the voice of the private sector, the AFBC is poised to play a pivotal role in shaping the future of trade and investment across the continent, ultimately contributing to the realization of Africa's economic potential.