A recent visit to Johannesburg highlighted to me the immense potential of Africa as a global powerhouse – a young, vibrant continent with a bright future.
So what is holding it back? A continuing discussion during my stay was the viability of the Africa Continental Free Trade Area and what is needed to get it off the ground. The numbers are indeed impressive. Africa represents a current market of 1.2 billion consumers, rising to almost 1.7bn by 2030 with a combined GDP of US$2.5 trillion. Imagine the potential of unlocking free trade and tourism across the continent.
Yet the program appears to be mired in some fundamental challenges. During the inaugural African Continental Free Trade Area Business Forum in Cape Town in April, one businessman attending the conference highlighted to African Business magazine that today, it is easier to get mobile phones from China to Africa than to move a few bags of maize across an African border post.
Striking a…
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