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Business News of Wednesday, 25 November 2020


AfCFTA Secretariat rolls out initiative to encourage entrepreneurial contest

AfCFTA head quarters in Accra AfCFTA head quarters in Accra

The Africa Continental Free Trade Area (AfCFTA) Secretariat has announced the AfCFTA Vision, an initiative aimed at building a community of visionaries on the continent.

In a press statement dated November 24, 2020, the AfCFTA Secretariat said the Initiative is being rolled out in partnership with the Sankoree Institute, an affiliate of AfroChampions.

“In addition to building a community of visionaries (the “AfCFTA Visioneers”) and creating a platform for knowledge creation and sharing to help accelerate the pace of implementation of AfCFTA, the initiative also creates room for entrepreneurial contests to find investable solutions that can propel AfCFTA to success with the backing of the continent’s development finance institutions,” the statement explained.

Major Development Finance Institutions (DFIs) such as TDB, Africa50, AfDB, AFC, Equity Bank, Ecobank and Afreximbank will serve as the institutional jury for the AfCFTA Vision Challenge,” the statement explained.

“Compelling solutions to challenges posed by some of Africa’s foremost political leaders, and analysed by leading continental thinkers, in eight identified issue areas submitted ahead of the two deadlines of 30th November and 22nd December stand a chance of securing syndicated investment from these leading institutions,” the AfCFTA Secretariat stated.

Innovators and all persons committed to the AfCFTA ideal are encouraged to submit their plans through an online portal dedicated to the challenge.

According to the Secretariat, a major component of the AfCFTA Vision Initiative is a suite of apps that will serve as the base for a continental business registry, trade directory, cross-border trade facilitation network, and a dashboard for the private sector to interact with the upcoming Africa Trade Observatory.

The AfCFTA Secretariat is tasked with the responsibility of coordinating the successful implementation of the Agreement.

Trading under AfCFTA is expected to start on January 1, 2021.