AfDB Annual Meetings: Africa Business Council roots for enabling business environment

The collective voice of the African business sector is calling for an enabling business environment to facilitate the implementation of the African Continental Free Trade Area (ACFGA). Amany Asfour, President of the Africa Business Council, emphasized the importance of private sector involvement in unlocking Africa's economic potential during an interview at the Africa Development Bank Annual Meetings. The Africa Business Council serves as the umbrella organization for private sector entities across the continent, working to enhance intra-Africa trade and accelerate the ACFGA implementation. Asfour highlighted the council's vision of a competitive, borderless, and innovative Africa that promotes trade, investment, and industrialization. Central to the success of the ACFGA is the development of strong, competitive, value-added, standardized 'Made in Africa' products. To achieve this, the Africa Business Council aims to unite various private sector stakeholders, including SMEs, women, youth, and industry associations, to drive strategic investments and realize the Africa 2030 Development Agenda. The council advocates for an enabling environment that supports private sector interests and influences policy decisions for economic growth. A key advocacy point is the allocation of at least 40 percent of government procurement to African private sector entities. The council's approach focuses on three pillars: private sector strengthening, policy advocacy, and product development. By empowering the private sector, advocating for favorable investment climates, and promoting standardized products, the Africa Business Council aims to drive economic transformation and industrial growth across Africa.