AfCFTA: Afreximbank Academy to host training programme to assist African Corporates
The African Export-Import Bank (Afreximbank) (www.Afreximbank.com) is excited to announce the launch of a groundbreaking capacity development program aimed at helping African businesses maximize the opportunities offered by the African Continental Free Trade Area (AfCFTA).
This initiative, led by Afreximbank Academy (AFRACAD) in partnership with the AfCFTA Secretariat, is designed to provide businesses with the essential skills and knowledge needed to thrive in the rapidly evolving intra-African trade environment.
Taking place from September 9 to 13, 2024, in Cairo, Egypt, the training program will be delivered in collaboration with the American University in Cairo and the AfCFTA Secretariat. It will focus on the business implications of the AfCFTA and the numerous opportunities the Agreement offers to African corporates. Participants, including members of Afreximbank’s TRADAR Club, will gain practical insights to leverage the benefits and opportunities presented by the Agreement. The program will also translate the AfCFTA treaty instruments into practical language that businesses can easily understand and outline the requirements to capitalize on the expanding AfCFTA market.
Dr. Yemi Kale, Group Chief Economist & Managing Director of Research at Afreximbank, emphasized the program’s importance in building the necessary competencies for local industrial activities, enabling all African countries to benefit from the AfCFTA’s single market arrangements.
Dr. Kale stated, “Afreximbank is a key supporter of the AfCFTA’s implementation, focusing on transforming Africa from a fragmented, commodity-dependent economy into a vibrant, integrated single market of about 2 billion people with a combined GDP of around US$3.4 trillion. We believe that well-informed and prepared businesses are crucial to driving intra- and extra-African trade and investment. This training program is one of many capacity-building initiatives we have established to promote such trade and investments. Our goal is to empower African businesses to fully exploit the AfCFTA’s vast opportunities, enhancing their competitiveness and contributing to sustainable economic growth in Africa.”
Mr. Tsotetsi Makong, Head of Capacity Building and Technical Assistance at the AfCFTA Secretariat, highlighted the critical role of capacity building for the successful implementation of the AfCFTA. He underscored the need for a value chain approach, prioritizing human resource competencies, fit-for-purpose administrative procedures, national and regional regulatory infrastructure, and a predictable institutional framework for facilitating and executing trade transactions.
Mr. Makong remarked, “Investing in capacity building for corporates and SMEs will ensure that home-sourced investments are mobilized and deficits with third-country markets are reduced, proving the AfCFTA to be the most significant instrument that de-risks the African continent regarding investments.”
Despite the AfCFTA’s immense potential for economic development, a lack of understanding of its technical nuances is hindering the full realization of its benefits. Some enterprises struggle to fully leverage the Agreement or compete with new competitors from other regions.
This training program aims to address these challenges by removing hurdles in the business environment and tackling the capacity constraints of African companies. It will support the transition from local production for local consumption to a model that ensures local production for continental and international export markets.
Participants will include African corporates (mainly importers and exporters), trade support institutions (such as trade promotion organizations, chambers of commerce, and investment promotion agencies), export trading companies, the foreign trade community (including investors), and bank executives.