AfBC hails AfCFTA’s takeoff

The Pan-African Private Sector, under the umbrella body of the African Business Council (AfBC), has said the start of trading under the African Continental Free Trade Agreement (AfCFTA) presents enormous business opportunities for the continent’s private sector, SMEs, Women and Youths as the continent moves towards boosting cross-border trade.
In a statement, the Interim Vice Chairman of the Council who is also the poresident of The Manufacturers Association of Nigeria (MAN), Mansur Ahmed, said AfCFTA would help grow the participating countries private sectors through increased manufacturing, distribution, transportation and health eco-systems activities among others.
In his words, “It is a new year, and new opportunities are emerging. As manufacturers, traders, farmers, transporters, shippers, Women Business Associations and Youths, here is our time. Let us go out there and grab the opportunities. It is time to feed Africa through agriculture, manufacturing and promoting value chains. It is only through a united voice that we can have transformation in Africa”.
“The AfCFTA gives us an opportunity to drive our agenda. For many years, the African business community has been individualistic in driving the continent’s agenda. It is an opportunity for us as the African Business Council to come together and support the implementation of the AfCFTA. We are a united voice, and we can do this together,” the Interim Chairperson of AfBC, Dr. Amany Asfour, said.
According to the statement, the Secretary General of the United Nations, Amina Mohammed, is also excited over the start of business under the AfCFTA while noting that proliferation of Non-Tariff Barriers in Africa has often hindered intra-Africa trade. “It is difficult to move cargo among African countries, and the online system on the monitoring, reporting and elimination of Non-Tariff Barriers will assist in the implementation of the AfCFTA”, Mohammed said.
The statement noted that the President and Chairman of AFREXIMBANK, Professor Benedict Oramah, has also expressed the readiness of African Export and Import Bank, to support the implementation of the AfCFTA, through the Pan-African Payments and Settlement System (PAPSS). “The PAPSS is one of the greases that will oil the engines of the AfCFTA” Professor Ormah said.
According to the Executive Director for the International Trade Centre, Pamela Coke-Hamilton, “Reliable trade information is central to the implementation of the AfCFTA, and the African Trade Observatory (https://ato.africa) is available for the Business community to make use of. It will provide real time market information on the AfCFTA, as well as assist policymakers in making informed decisions”.
The African Business Council is the apex body on the promotion and lobby of the Pan-African Business interests.