English Arabic French Portuguese Spanish

BUSINESS IN AFRICA TRENDS 2019 : A Closer Union

04 January 2019

While the European Union is under strain from resurgent nationalism within member states, African countries are choosing closer alignment. The Continental Free Trade Area (CFTA) will create one of the world's largest free trade blocs, with 44 countries now signed up. Of the major economies, only Nigeria has abstained, and Leke believes that position is likely to change in the near future.

Progress on the deal will be supplemented by the easing of travel restrictions between African nations. McKinsey research shows 21 of the 54 states now allow visa-free or visa-on-arrival access to all African nationalities -- up from just three in 1983 -- which has led to increases in business and tourism visits. Rwanda and Mauritius are among the leading beneficiaries.

Leke cites ongoing progress with business-friendly reforms as a cause for optimism in the coming years, with faster processing times for permits and registrations and reduced tariffs becoming continent-wide trends. Four African nations feature among the World Bank's top 10 most improved for ease of doing business. With unprecedented numbers of major businesses in Africa seeking to expand and diversify in multiple countries, Leke believes it is imperative that barriers are further lowered -- and that governments recognize this too.

source: By Kieron Monks, CNN

Login to post comments

The Pan African Chamber of Commerce and Industry was established in 2009 by 35 founding national business chambers to influence government policy and create a better operating environment for business.

Latest Tweets