Africa Investment Forum: Alfred Zeufack on what opportunities Africa's free trade deal brings to the continent

The Africa Investment Forum has brought together key stakeholders in the continent to discuss the current state of investment in Africa and the opportunities that lie ahead. Alfred Zeufack, Chief Economist for Africa at the World Bank, highlighted the importance of the forum in a recent interview, emphasizing the need for increased investment in the region. Zeufack expressed hope for the future of Africa, pointing to the recent ratification of the continental free trade agreement, which opens up a market of 1.2 billion people. This agreement has the potential to attract investment and create much-needed jobs for the African youth. Despite these positive developments, Zeufack acknowledged that there is still much work to be done to fully capitalize on the opportunities presented by the agreement. He also mentioned the World Bank's doing business exercise, which revealed that some of the most reforming countries are in Africa, signaling a positive step towards attracting more investment to the continent. Zeufack stressed the importance of disruptive ideas and technologies that will shape the future of work in Africa. He highlighted the role of the digital economy in influencing job creation and emphasized the need to embrace digital technologies to drive economic growth. Zeufack's optimism about the future of work in Africa stems from the unique economic landscape of the continent, where the informal sector plays a significant role in job creation. He downplayed concerns about automation and displacement, noting that African economies have specific features that mitigate these effects. Moreover, Zeufack underscored the need for African countries to foster competition, build competencies, and support small and medium-sized enterprises (SMEs) to attract investment and create more jobs. He emphasized the critical role that SMEs play in job creation and the importance of promoting entrepreneurship and startups in the rapidly evolving digital economy. Overall, Zeufack's insights shed light on the opportunities and challenges facing Africa as it seeks to attract investment, create jobs, and drive economic growth.