An article published on the website of the Institute for Security Studies (ISS) points out that despite the signature and ratification of the AfCFTA has been achieved in record time (currently 44 out of 55 African Union members have deposited their instruments of ratification with the Chair of the African Union Commission) and despite the number of initiatives launched to sensitise the private sector on the AfCFTA benefits and to sustain the implementation of the Agreement, to date no commercially significant trade has yet occurred under the deal since its launch on 1 January 2021. As a consequence, no substantial results have been achieved so far in terms of increase of intra-African trade.

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At the last annual meeting in May 2022, the World Economic Forum (WEF) launched the Forum Friends of the Africa Continental Free Trade Area (AfCFTA), a multistakeholder group made up by representatives of both international and national organisations with the participation of the private sector that aims at mobilising global business to support the implementation of the AfCFTA through public-private collaborations. This week, the World Economic Forum Annual Meeting 2023, which started today and will end on 20 January 2023, will include the presentation of a report consolidating the contributions and findings developed within this forum with a description on how global business can accelerate the implementation of the AfCFTA. Its objective is to provide a pathway for global businesses and investors to understand the biggest trends, opportunities, and strategies to successfully invest and achieve high returns in Africa, developing local, subregional, and continental value chains and accelerating industrialisation, all of which go hand in hand with the success of the AfCFTA. The WEF report also reviews the various operational tools and strategies that can support the implementation of the Agreement, by identifying high-potential sectors and initiatives to support business and investment in Africa, with the description of some examples of successful businesses, such as Agility, the Africa Finance Corporation, Coca-Cola, DP World, Menzies Aviation, Novartis, OCP Group, the United Bank for Africa, Volkswagen, and Yara. Awaiting the publication of the report, a post published on the WEF website gives some preliminary information on its content.

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