The Africa Business Council has urged governments and procurement authorities across the continent to implement a policy that will reserve at least 40 per cent of all public procurements for African businesses.
This recommendation was made by the African Business Forum and adopted by the African Ministers of Finance months ago. However, effective implementation of this vision is yet to take off.
During the 2024 Africa Prosperity Dialogue themed “AfCFTA: From Ambition to Action, Delivering Prosperity Through Continental Trade,” the President of the Africa Business Council, Dr Amany Asfour, emphasized that the concept, if adopted, will create prosperity across the African continent.
Dr Asfour highlighted the need for political will to reduce corporate taxes, promote incentives for investment from African investment, and provide special treatment for the African private sector. She noted that the recommendation of the African Union private sector Forum is to have at least 40% of all government procurement go to the African private sector, including women and youth.
The idea behind this push for preferential treatment is to facilitate the free movement of people, goods, and services across Africa.
Dr Asfour also explained that the African Business Council considers the Triad of empowerment, consisting of three pillars to support African businesses: private sector strengthening, policy advocacy, and product development.
This bold step has the potential to empower African businesses and contribute to the overall economic growth and prosperity of the continent.
