Delegates attending the 2nd edition of the Golden Business Forum (GBF) in Kigali, Rwanda, have underscored the urgent need for Africa’s private sectors to accelerate efforts in unlocking the vast trade opportunities within the African Continental Free Trade Area (AfCFTA). Organized annually by the Rwanda Private Sector Federation (PSF), the GBF serves as a catalyst for fostering business development within Africa and globally.
Since its inception, AfCFTA has been met with significant efforts aimed at its swift implementation. As of 2023, an impressive total of 54 African nations have inked the AfCFTA agreement, with 46 of them having ratified it, according to Monique Nsanzabaganwa, Deputy Chairperson of the African Union Commission, who addressed the forum. Nsanzabaganwa further asserted that the African business community now holds more power than ever to bolster inclusivity through AfCFTA at an unparalleled level.
Nsanzabaganwa emphasized, “The private sector plays a pivotal role in Africa’s sustainable economic growth, development, and job creation. We must intensify our efforts to nurture innovation, cultivate local talent, embrace ethical business practices, and establish a conducive continental business environment that encourages trade, breaks down barriers, and opens doors to new opportunities.”
In the forum, Jean Chrysostome Ngabitsinze, Rwanda’s Minister of Trade and Industry, highlighted AfCFTA’s core objective: to create a unified continental market for goods and services, simplifying the movement of entrepreneurs and investments, thereby expediting the establishment of the Continental Customs Union.
Ngabitsinze emphasized that to guide the continent towards harnessing AfCFTA’s opportunities, the African private sector must expedite actions and lead the charge in advancing the continental free trade area agenda. “Our vision is to witness cross-border investments flourish, protect and promote unique African designs and cultural heritage across borders, all while maintaining a level playing field for our business individuals and small and medium enterprises. It’s imperative that we focus our efforts on sustainable and innovative approaches that can drive us towards the full realization of the agreement,” he expressed.
Jeanne Francoise Mubiligi, Acting Chairperson of the PSF, echoed the vital role of the private sector in Africa’s sustainable economic expansion, development, and job generation during the forum. “We must redouble our efforts to nurture innovation, cultivate local talent, adopt ethical business practices, and establish a favorable continental business environment that nurtures trade, dismantles barriers, and unlocks fresh opportunities within AfCFTA,” she added.
The annual forum, extending until Thursday, has brought together approximately 1,000 delegates, encompassing government officials, private sector members, policymakers, corporate executives, and industry leaders from across Africa and beyond. Their discussions revolve around strategies for expediting the AfCFTA agenda.
As Africa’s private sectors rally to unleash the latent potential of AfCFTA, this year’s Golden Business Forum emerges as a pivotal platform for dialogue, collaboration, and action. As experts concur, only by combining the powers of innovation, inclusivity, and a conducive business environment can the continent fully capitalize on the transformative opportunities AfCFTA has in store.
