Unlocking AFCFTA’s Full Potential through Intercontinental Collaboration
As the Africa Prosperity Network (APN) convened for its second annual dialogue in Accra, Ghana, a pivotal topic on the agenda was the establishment of a Pan-African Chamber of Commerce. This initiative, essential for the success of the African Continental Free Trade Area (AfCFTA), aimed to foster trust and collaboration among Africa’s diverse commercial and financial communities.
The 2024 Africa Prosperity Dialogues addressed a crucial need for Africa’s burgeoning market: creating a credible Pan-African Chamber of Commerce. This development is central to the success of AfCFTA, relying on the continent’s private and commercial sectors to establish mutual trust. Historically, intra-African trade has been hindered by civil strife and a cultural tendency to favour foreign partners over neighbouring African countries.
Distance and poor transport links across the continent further complicate face-to-face business interactions, essential for building trust. Additionally, the digital communication infrastructure, although improving, falls short of facilitating seamless cross-border commerce. The vast number of enterprises across Africa, many lacking the capacity to engage in formal cross-border trade, presents a logistical challenge in identifying reliable business partners.
A Pan-African Chamber of Commerce would mitigate these issues by providing a platform to identify, vet, and facilitate business interactions across the continent. The process of establishing this chamber need not be daunting, despite Africa’s often manufactured divisions. National chambers of commerce, present in most African countries, can form the basis of each country’s chapter within the Pan-African Chamber. These chapters, working collaboratively under a Pan-African headquarters, would play a key role in conducting due diligence and facilitating trade among member states.
Regular webinars coordinated by the headquarters would address vital topics, including the implementation of AfCFTA protocols, identification of cross-border markets, and country-specific trade and investment opportunities. This initiative aligns with ongoing movements towards sub-regional chambers of commerce, exemplified by the Federation of West African Chambers of Commerce and Industry (FEWACCI) and their initiative to establish a West African shipping line.