Rwanda hosts AfCFTA Business Forum

Rwanda recently hosted the second edition of the African Continental Free Trade Area (AfCFTA) Business Forum, where African countries gathered to discuss the prospects of a borderless Africa that would ease trade and boost earnings for locals across the continent. CNBC Africa's Godfrey Mutizwa attended the forum and shared a detailed update on the key conversations and developments that unfolded over the packed three days. The forum witnessed the participation of politicians, businesspeople, bankers, financiers, facilitators, and investors, with a notable presence of representatives from the United States seeking to engage in trade across the African continent. The dominant theme of the discussions revolved around the urgent need to enhance intra-African trade, which currently stands at a meager 17%. Mutizwa highlighted the lack of significant trade between African regions, citing the minimal trade volumes between Southern Africa and West Africa, as well as between West Africa and East Africa. Notably, only Southern Africa and East Africa demonstrated substantial intra-regional trade, buoyed by vibrant economies and strong export capabilities, particularly in South Africa. An intriguing session at the forum focused on the establishment of trading companies by the AfCFTA Secretariat under the Guided Trade Principle. These companies aim to foster increased trade between different countries, with Mutizwa emphasizing the importance of fostering partnerships to facilitate intra-African trade. The discussions underscored the necessity for enhanced communication among stakeholders, including logistics companies, customs officials, and central banks to streamline trade processes and facilitate the movement of money. The forum also delved into the critical issue of inclusivity, particularly focusing on the role of women and youth in driving economic growth and fostering sustainable development across the continent. The session underscored the importance of gender and generational diversity in shaping Africa's economic landscape. Furthermore, Mutizwa touched upon the challenges surrounding the adoption of a common currency in the region, a topic that continues to pose significant hurdles to regional economic integration. The forum pledged to engage key leaders in addressing this crucial matter to propel the AfCFTA agenda forward. In conclusion, the AfCFTA Business Forum in Kigali served as a crucial platform for stakeholders to collaborate, exchange ideas, and devise strategies to bolster intra-African trade and economic prosperity. The event encapsulated a shared commitment towards realizing a borderless Africa that thrives on sustainable trade and inclusive growth opportunities.