Africa is a continent of immense diversity, opportunity and challenge. With a population of over 1.3 billion people, spanning 54 countries and six regions, it is also a continent of untapped potential. One of the key drivers of economic growth and development in Africa is trade, both within the continent and with the rest of the world. However, trade in Africa faces many barriers, such as poor infrastructure, high costs, security risks and regulatory hurdles.
That’s why the African Union launched the African Continental Free Trade Area (AfCFTA) in 2018, to create a single market for goods and services, facilitating free movement of people and capital, and boosting intra-African trade by at least 50% by 2030. The AfCFTA is expected to generate significant benefits for African businesses and consumers, such as lower tariffs, increased competition, greater innovation and more job opportunities.
But how can these benefits be realized in practice? How can African traders and entrepreneurs overcome the logistical challenges that hamper their access to markets and customers? How can they leverage the digital revolution that is transforming the world of commerce?