To promote trade within the continent, African leaders and stakeholders behind the African Continental Free Trade Region (AfCFTA) have been urged to establish a shared passport.
The notion of “Africa Rising” would remain a misnomer, according to Benjamin Acheampong, Executive Director of the Wealth Masters advisory company, until conditions are generated for doing business on the continent with ease.
He spoke ahead of the Wealth Masters Group’s virtual event on January 29, under the theme “Righting the Wrongs of Doing Business in Africa Summit,” where organizers plan to offer perspectives and ideas to strengthen Africa’s business climate and take advantage of the AfCFTA initiative.
He said that in order to ensure the successful application of the AfCFTA, governments need to work on developing internet services, communication and transport.
“If all of this infrastructure is put in place, then we are on track to pull off this AfCFTA initiative.”
Trading under the AfCFTA began on January 1, and under the agreement, Ghana has already freighted its first cargo.
As a shared continental market, the aim of the AfCFTA is to promote the flow of goods, services and people and to encourage industrial production and Africa’s prosperous and inclusive socio-economic growth.
It is projected that by harnessing the buying power of the continent’s 1.2 billion inhabitants, the single market would boost intra-African trade by as much as US$35bn a year.
“We need to have one passport, though; without people, you can not move goods and services,” Mr. Acheampong said.
The Wealth Masters Group is a major multinational supplier of UK-based market growth and solutions.
The forthcoming simulated summit is a precursor to the major event on the business environment of the continent and the 8-12 March AfCFTA.