Crystal Ball Africa 2020 Challenges and opportunities of Zleca exposed to the private sector
Crystal Ball Africa 2020. Challenges and opportunities of Zleca exposed to the private sector
The 2020 edition of Crystal Ball Africa (CBA) was held in Accra on January 16th. This annual Pan-African business conference brings together business leaders, investors, and political decision-makers to discuss political trends and changes that will impact the private sector in the new year. And for its 7th edition, organized by AB David and Law, AfroChampions, the Association of Ghana Industries (AGI), and others. As a common thread, the meeting had the African continental free trade area (ZLECA / AfCFTA) and numerous opportunities that it will provide for the private sector. As long it is prepared for …
By Bilkiss Mentari
Thanks to the arrival of the African Continental Free Trade Area (ZLECA / AfCFTA), which is the largest free trade area in the world, African companies should benefit from the first opportunities of this role change that will start by mid-2020 . On January 16th, in Accra, it certain that these will be brought together; business leaders, investors, and political decision-makers for the 7th edition of Crystal Ball Africa (CBA).
Among organizers AB David and Law, AfroChampions and the Association of Ghana Industries (AGI), who are the organizers of this annual Pan-African meeting that aims to fuel discussions about political trends and changes. This will have an impact on the private sector in the new year, and it will not be mistaken. Zleca will be the main subject of discussions of the African 2020 agenda. Similarly for public and private actors on the continent, as well as for their partners and international investors.
The main object is to better understand the issues and opportunities that 200 personalities from Africa and the world were invited to Accra for the first place. Among the one who were invited are: Albert Muchanga, Commissioner for Trade and Industry within the African Union; David Luke, Coordinator of the African Trade Policy Center; and Abena Osei-Poku Managing Director at Barclays Bank Ghana, or Paulo Gomes, founder of Constelor Investment Holdings. Most importantly experts.
« The opportunities for the African private sector are endless … »
“I work in the Department of Trade and Industry of the African Union Commission in Ethiopia. I am a senior expert in trade of services and I work on ZLECAF negotiations. I participate in Crystal Ball Ball Africa 2020 to publicize negotiations on services and their importance for the creation of the African single market, emphasis Béatrice Chaytor. The opportunities for the African private sector are endless. It is a market of 1.2 billion people. It includes; tariff reductions, removal of non-tariff barriers, simplification of customs procedures. And removal of restrictions on trade of services will be done within the framework of the ZLECA. Regional value chains will be developed, making various industries very competitive. Therefore, expanding commercial activities across the continent will help the private sector access new markets. »
There are so many opportunities to seize for private operators on the continent … As long as you prepare for it. « The private sector must organize itself better to make the best use of the opportunities offered by the ZLECAf, » continues Béatrice. The African private sector should seek partnerships opportunities with others to provide investment and increase production capacity in order to improve their collective competitiveness.
The private sector should also advocate for more research and development from governments, it should partner with academics, seek to have a strong voice in policy formulation at the national level. The African private sector, in particular SMEs, should be supported to organize themselves better, receive subsidies to achieve development of products or services, tax incentives for job creation. Private sector should be included in trade missions in other countries, and it must have access to information, benefit from concessional loans to develop and modernize businesses … »
« The success of the African common market depends on the capacity of African companies, of all sizes, to meet the challenge of free trade, while developing their activity »
« The success of the African common market depends on the ability of African companies, of all sizes, to meet the challenge of free trade, while developing their activity, » explains Anne-Elvire Esmel, Program Director, AfroChampions Executive Committee.
We started to make ourselves known in 2018 through the designed roadshows in order to meet professional associations and chambers of commerce, to exchange with entrepreneurs, and to understand their questions and concerns about the ZLECA. Moreover our aim was to encourage and explain that, if they were going soon to be confronted with greater competition in their respective countries, they should think bigger by penetrating other markets in neighboring countries or even in other regions of the continent.
The conversations in Accra within CBA are completely in line with this awareness raising approach that consists of being as close as possible to the field, and this is our main objective from participating in the event. »
Among exchange list: rules of origin, dispute settlement mechanisms and recourse in case the legislation does not match with the ZLECA Treaty, issues of standardization, etc.
Advice and recommendations intended to develop “’ZLECA tool boxes’ allowing each entrepreneur to have a summary of the key information he needs to operate under the new rules and to assess his market position in order to determine the levers to operate to develop its activity, within these new rules always,. »
What this CBA is all about is: inform and sensitize the business community to raise awareness.
