The newly appointed Chairman of the Advisory and Executive Boards of the Africa Private Sector Summit (APSS) and a former Deputy Governor of the Central Bank of Nigeria (CBN), Prof. Kingsley Moghalu, would deliver the keynote address at the Joint African Continental Free Trade
Agreement (AfCFTA) Private Sector Session, with the Africa Private Sector Summit (APSS) Co-Hosting an Ecosystem-based session at the 2023
Intra-African Trade Fair hosted by the African Export-Import Bank (Afreximbank) in Cairo, Egypt from November 9th to 15th, 2023.
A statement explained that the joint AfCFTA Private Sector Session would feature a focused conversation on the Private Sector Bill of Rights (PSBoR) for an Enabling Business Environment in Africa proposed by the Africa Private Sector Summit.
The Private Sector Bill of Rights aims to ensure a predictable and conducive climate for the vast business opportunities in intra-African trade and investment as the private sector leverages the
various protocols of Africa’s Regional Economic Communities (RECs) and the AfCFTA treaty, which
came into effect in 2021 and has been ratified by 43 African countries and signed by 11 others.
“Only 16 per cent of Africa’s global trade is regional within the continent. In contrast, 68 per cent of Europe’s global trade is within Europe, 59 per cent of Asia’s trade and 30 per cent of North American trade is intra-regional.
“It is estimated that when fully implemented, the AfCFTA will boost intra-African trade by 52 per cent, lift 30 million people out of poverty, and boost the continent’s GDP by $450 billion by 2035,” it stated.
According to the statement, the APSS would launch a process of engagement with African leaders around the five geographic regions plus the diaspora, and governments to vet, validate and adopt a set of 24 rights for the private sector in the proposed Private Sector Bill of Rights.
“These include the right to peace, security and
stability, effective legal systems that protect the sanctity of contracts, harmonised quality assurance
standards in global trade, and a healthy consultative relationship between the public and private
sectors to drive trade and investment across Africa.
“The Joint AfCFTA Private Sector Session at the IATF will underscore the need for an ecosystem
approach to improving trade and economic performance on the African continent, including creating and scaling up value chains.
“Prof. Moghalu will address the gathering of high-level international trade officials, business executives, African diplomats and political leaders on ‘The Private Sector Bill of Rights as a Companion Instrument to RECS and AfCFTA, to Deliver the Africa We Want.”
“Mr. Wamkele Mene (South Africa), Secretary-General of the AfCFTA Secretariat, Yusuf Daya, Director of African Union/AfCFTA Relations and Trade Policy of Afreximbank, Ali Adji Mahamat Seid (Chad), President of the Pan-African Chamber of Commerce and Industry, Dr. Amany Asfour (Egypt), President of the African Business Council (ABC), and Hon. Dr. El Gabaly (Egypt), a member of the Pan-African Parliament, are billed to deliver goodwill messages and responses to Prof. Moghalu’s keynote address,” it added.
