AfCFTA Secretary General urges S.African companies to invest in Africa

The Africa Continental Free Trade Area (AfCFTA) Secretary General, Wamkele Mene, visited the Johannesburg Stock Exchange (JSE) to rally South African business leaders to embrace the potential of the world's youngest free trade bloc. The AfCFTA aims to streamline business operations and boost trade across the continent. Mene emphasized the benefits of tapping into a market of 1.4 billion people with a combined GDP projected to reach $16.5 trillion by 2035, highlighting the need for South African companies to diversify their export markets. Despite challenges such as policy predictability, infrastructure costs, and past investment setbacks, Mene underscored the importance of leveraging the AfCFTA's rules-based system to drive business growth. He encouraged companies to grasp the opportunities presented by the AfCFTA and address barriers inhibiting intra-Africa trade and investment. Mene also shed light on the Pan-African payment and settlement system (PAPS), emphasizing its role in reducing transaction costs and facilitating trade in local currencies. While progress has been made with 48 countries ratifying the AFCFTA agreement, challenges remain in infrastructure development and private sector investment. Mene highlighted the need for greater private equity involvement in infrastructure projects and urged South African businesses to seize the potential of the AfCFTA market, which is poised to become one of the largest economies globally by 2035. The Biashara Trade Africa conference in Rwanda serves as a platform for enhancing trade within the AfCFTA and unlocking opportunities for economic growth in Africa.