AfCFTA: African CEOs Encouraged to Collaborate for Continental Economic Advancement

African business leaders have been called upon to strengthen collaboration and foster strategic partnerships that can drive sustainable economic growth across the continent under the African Continental Free Trade Area (AfCFTA) framework. This appeal was made during a high-level forum attended by political leaders, corporate executives, and development partners who emphasized that private sector unity remains essential for unlocking Africa’s vast economic potential.

The conference, held in Addis Ababa, Ethiopia, brought together top executives from major African corporations, policymakers, and representatives of regional trade blocs to deliberate on how to leverage AfCFTA to accelerate industrialization, boost intra-African trade, and promote inclusive development. The discussions revolved around creating an enabling business environment, reducing trade barriers, and ensuring seamless movement of goods, services, and investments across member states.

Speaking at the event, the Secretary-General of AfCFTA, Wamkele Mene, urged African CEOs to take ownership of the continental trade agreement by forming strong alliances that can enhance competitiveness, innovation, and job creation. “AfCFTA is not just a government-driven initiative. It is a business opportunity for African entrepreneurs to expand across borders, build regional value chains, and create African multinationals capable of competing globally,” Mene said.

He stressed that the success of AfCFTA depends heavily on the commitment and participation of the private sector, noting that trade liberalization alone will not achieve desired outcomes without productive capacity and industrial cooperation. Mene added that businesses must focus on value addition, technology transfer, and regional integration to ensure Africa’s economies grow in tandem.

Also speaking, the President of the African Export-Import Bank (Afreximbank), Professor Benedict Oramah, highlighted the need for African business leaders to mobilize capital and invest in cross-border infrastructure that can facilitate trade. He said Afreximbank remains committed to supporting private sector-driven initiatives through financing, risk guarantees, and trade facilitation mechanisms aimed at deepening continental economic integration.

Oramah disclosed that Afreximbank has already provided more than $40 billion in funding to support intra-African trade and industrial development projects. He noted that the bank’s Pan-African Payment and Settlement System (PAPSS) has become a vital tool for reducing transaction costs and promoting currency independence in trade between African nations. “For AfCFTA to achieve its objectives, we must break down barriers and create a united front of African businesses that can harness our collective strength,” he said.

In her remarks, the Managing Director of the African Development Bank (AfDB), Dr. Beth Dunford, urged African CEOs to prioritize collaboration over competition. She emphasized that regional integration is vital for scaling African enterprises and driving innovation. “Africa’s markets are fragmented. Collaboration between CEOs across industries and borders is the only way we can build resilient supply chains and create jobs for the continent’s youth,” Dunford stated.

She further noted that AfDB’s focus remains on financing infrastructure, energy, and technology projects that will enhance connectivity and enable businesses to thrive under AfCFTA. Dunford added that the bank is partnering with governments to implement policies that promote industrial clusters and export diversification.

Participants at the summit agreed that while AfCFTA offers a massive opportunity to expand trade among African countries, its success will depend on political will, infrastructure investment, and efficient policy harmonization. They emphasized that African leaders must remove bureaucratic bottlenecks, modernize customs systems, and adopt digital trade solutions to facilitate the smooth flow of goods and services.

Several CEOs present at the event shared success stories of regional business expansion made possible through collaboration. The Group CEO of United Bank for Africa (UBA), Oliver Alawuba, said the bank’s pan-African presence demonstrates the benefits of continental integration. “Through shared infrastructure and technology, we have shown that African companies can compete globally when they collaborate,” he said.

Similarly, the CEO of MTN Group, Ralph Mupita, called for a united digital strategy across Africa, arguing that technology will be the backbone of AfCFTA’s success. “A harmonized digital ecosystem is essential to unlocking the trade agreement’s potential. Technology will connect markets, improve logistics, and empower entrepreneurs,” Mupita stated.

In a joint communiqué, participants reaffirmed their commitment to working with governments and regional bodies to ensure AfCFTA’s objectives are realized. They proposed the establishment of an “AfCFTA CEOs Council,” a platform where top African business leaders can collaborate, share insights, and coordinate initiatives that promote regional growth.

The forum also highlighted the importance of investing in education, skills development, and entrepreneurship to empower Africa’s young population, which constitutes a critical component of the continent’s workforce. Participants underscored that empowering youth and women in trade will be pivotal to sustaining long-term development under AfCFTA.

Analysts have noted that if properly implemented, AfCFTA could lift 30 million Africans out of extreme poverty and boost continental income by more than $450 billion by 2035. However, they cautioned that without unified private sector participation, the agreement’s impact might be limited.

In his closing remarks, Mene reiterated that Africa’s transformation must be driven by Africans themselves. “We cannot continue to rely on external markets to determine our economic fate. AfCFTA provides a historic opportunity to build an Africa that trades more with itself, creates jobs for its people, and strengthens its voice in the global economy,” he said.

 

As the forum concluded, delegates expressed optimism that continued cooperation among African CEOs, policymakers, and regional institutions will accelerate progress toward a prosperous, industrialized, and interconnected Africa — one where businesses thrive, trade barriers are minimized, and continental unity drives shared economic growth.